prices were volatile and moved up and down through most of the decade. By 1927, however, there was a strong upward trend (i.e., a bull market) and even small investors became enamored of the stock market. With the introduction of buying on credit, members of the middle class were able to buy autos, washing machines, vacuum cleaners, clothing, and radios—items that previously only the wealthy could afford. At the same time, steel production and manufacturing increased. As a result, the stock market boomed, a fact that was constantly publicized in the newspapers. “It’s a bull market!” the
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