• U.S.

STATE OF BUSINESS: Fast Finish

1 minute read
TIME

Department stores had never seen anything quite like it. Across the land, a surge of buying sent sales to an alltime record the announcement that the short interest (i.e., the number of shares sold short in anticipation of a decline) had risen 61,311 shares in the last month to 2,267,481, the highest since July 1932, was good news to the bulls. They argued that a further advance would result when the bears scurried to buy back the shares they had sold short. And any decline, ran the argument, would be cushioned as the shorts bought to realize their profits.

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