If the first half of 2007 was characterized by a crescendo of risk appetite, embodied by record highs for major averages and blockbuster M&A activity, the second half is likely to be differentiated by a more sensitive stomach. Signs are emerging of the end of the easy money leveraged buyout boom, which could cause indigestion for corporate bond and stock investors alike.The bull market isn't necessarily over, but the path ahead is likely to be rockier than in the first half of the year, when the Dow Jones Industrial Average rose 7.6%, while the S&P 500 gained 6% and the Nasdaq Composite gained 7.8%.
Stocks Face Harsh New Reality
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