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Market Snapshot: It’s the best start for the stock market in 32 years, by one measure — so, why is Wall Street so uneasy?

U.S. equity markets are on an unmitigated tear, by several measures, but the recent span of buoyancy for equity benchmarks, including a nine-week win streak for the 122-year-old Dow industrials, has produced equal parts wonderment and dread.

Friday’s finish, for one, capped the best start to a year for the Dow Jones Industrial Average DJIA, +0.70% and the S&P 500 index SPX, +0.64% since 1987, according to Dow Jones Market Data, measuring the first 36 trading sessions for those indexes at the beginning of a calendar year. Over that period, the Dow has rallied 11.6%, and the S&P 500 has risen 11.4%.

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