Word: intraday
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Would there now be a big drop? Wall Street's chartists conceded that the bull had taken quite a tumble, from the 263.13 peak of the Dow-Jones industrial average to last week's intraday low of 241.89. But they took cheer from the fact that every time the market approached the lows reached in March, new buyers rushed in and pushed it up. Since the market had "tested" the old lows and held, the chartists thought that it could go up again...
...more business A.T.&T. got, the more money it was likely to make. As the market, in characteristic perversity, rallied briskly, Telephone was bought as eagerly as it had been sold the day before. In the week's final session, the Dow-Jones industrial average hit an intraday high of 228.17, a new post-Korean high mark and only a hair below the bull market high last June. Like A.T.&T., Wall Street was still buzzing the busy signal...