Don't Worry, Be Bullish

Stocks are high, all right. But this market may well have more room to run

The rip-roaring bull market that has more than doubled the Dow Jones industrial average over the past 2 1/2 years has always had its doubters. Bears have long warned of a sharp decline because stock prices--when measured by standard yardsticks of earnings, dividends, or book value--were as high or higher than they had ever been. No matter. The bull charged ahead. The bears who bailed out a year ago missed some juicy profits: a 51% jump in the Dow Jones industrials and a 49% rise in the Standard & Poor's 500 index.

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