Los Angeles Times

Why the stock market abruptly turned into a roller-coaster ride

Financial adviser Todd Morgan has plenty of rich clients in Southern California who needed to hear a soothing word about the stock market's wild gyrations this past week.

"This calls to mind my favorite saying, 'The market will do whatever it has to do to prove the most people wrong,'" said Morgan, chairman of Bel Air Investment Advisors in Century City, which caters to high-worth customers.

His point: Until this month, many investors had grown accustomed over the past year to near optimum conditions in the stock market. Shares kept climbing to record levels, propelled by growing economies and corporate earnings worldwide, low inflation,

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