The Bull Is Back

The rally this time includes plenty of smaller stocks. And it's real

The bull is back. Just weeks ago, when despair was great and fear reigned supreme, the beaten-up stock market took off like a rocket, confounding the pundits--who are still scratching their heads. The Dow Jones industrial average has advanced more than 1,000 points in a month, and the awesome gains in small-cap and mid-cap stocks have left many investors breathless. "Is this market for real?" asked Anthony Pearce-Batten, the moderator who kicked off the Legg Mason Value conference for institutional investors on Nov. 10. "Or is this one of the biggest sucker rallies of all time?"

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