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The stock market faced up to another round of profit taking last week. Early in the week, Morgan Stanley & Co.'s chief seers told their clients to lighten up on some of their stocks and prices collapsed. However later in the week prices recovered, bolstered by a big buying spree on Friday and by the weekend the Dow Jones industrial average had picked up 6.39 points, closing at a new high of 1, 239.59. Volume surged to more than 100 million shares on the rebound.

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