This drop, to less than 10 percent below the market’s peak, isn’t a particularly big deal as declines go. Especially when you consider that the broad market averages rose more than 65 percent in 1994 and 1995. The past month reminds us, yet again, of the Wall Street aphorism that no tree grows to the sky. Stocks sometimes go up and sometimes go down. Now they’re going down. A month ago the market used any development, real or imagined, as an excuse to bid stocks up. Now it uses any development to bid stocks down. Someday, no one knows when, stocks will begin going up again. End of story.
