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...bitter cold snap set record lows across much of the U.S. last week, but on the floor of the New York Stock Exchange torrid trading advanced market indicators toward new highs. On Monday the Dow Jones industrial average jumped 34.01 points, the eighth strongest gain ever. Next day nearly 175 million shares changed hands on the Big Board; it was the busiest activity since October and the fourth heaviest trading day of all time. Analysts attributed the brisk activity to a surge of optimism about the economy. Said Larry Wachtel, first vice president of Prudential-Bache Securities: "There...
...binge continued at midweek when the Dow Jones index jumped an additional 15.23 points, to 1274.73. Suddenly the record of 1287.20, set Nov. 29, 1983, seemed within easy reach, and predictions of a new peak were popping up all over Wall Street. At week's end, though, the Dow closed...
Nonetheless, the sharp run-ups persuaded many experts that the long-awaited second leg of the bull market was at hand. Since surging 64% to 1258.51 between August 1982 and July 1983, the Dow Jones average has been drifting. After an 87.5-point leap during a single week last August, the index finished 1984 in the 1200 range. Analysts last week were confident that the next move would be up. "The Dow will hit 1300 before it sees 1200 again," predicted Peter Furniss, senior vice president for Shearson Lehman/ American Express. David Jones, chief economist for Aubrey G. Lanston...
...horns and tossing of confetti. Moneymen conducted more business than last year but made a lot less money. The New York Stock Exchange traded a record volume of 23.1 billion shares, a 6.9% increase over 1983. Stock prices, though, declined for the first time in three years. The Dow Jones industrial average closed on New Year's Eve at 1211.57, a drop of 47 points, or 3.7%, from 1983. Last year had begun with bull-market bravura that sent the Dow to a peak of 1286.64 on Jan. 6, less than a point below the alltime high. But the market...
...loudest cheers over the brightening outlook came from Wall Street, where stocks had been sliding. On Tuesday the bulls broke loose again: the Dow Jones industrial average jumped 34.78 points, to record its best gain since Aug. 3; and more than 169 million shares changed hands on the New York Stock Exchange, making it the sixth heaviest trading day ever. Said Harry Laubscher, a Paine Webber market analyst: "The bears had Thanksgiving, the bulls Christmas." After the big jump, profit takers moved in, and the market dropped for three straight days. Nonetheless, the Dow Jones average ended the week...