SOME things just can't last. The nearly magical stock market that has persisted so valiantly this year is one of them.
The bull market that started in March 2009 seems to have gone on forever, but that's only a small part of the story. What is astonishing is the way stocks have risen in 2017.
The stock market has been so placid that declines of a mere 1.5 per cent have been treated like real news. The Standard & Poor's 500 index dropped that much Thursday. Days like that can be unsettling, but in the span of market history, they amount to the slightest of headaches.
The deeper news isn't immediately visible day to day, but it is this: The stock market has been operating in an extremely rarefied...
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