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A sucker’s rally?

Some argue that the stock market downturn was too shallow

By Edward Chancellor   February 2004

Just under four years ago, in the first spring of the new millennium, the longest bull market in history came to an end. For three years, as the stock market endured a stuttering decline, the Cassandras enjoyed their triumph. However, over the last nine months of last year, shares recovered much of their lost ground. Furthermore, the US economy grew at a startling pace, spreading prosperity to the rest of the world. Despite this good news, most bears have not turned coat and joined the bulls. Now they look a rather beleaguered lot – but their views should not be…

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