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...home and abroad. The company, which prides itself on the warmth of its employee relations, had to make a series of painful layoffs. Kodak stock, meanwhile, sank 12.5% during the year despite the bull market, making it the worst performer among the 30 blue-chip issues in the Dow Jones industrial average...
When the closing bell tolled at 4 last Friday afternoon, the New York Stock Exchange rang out its busiest year ever. Inspired by a continuing bull market, investors had traded 21.6 billion shares, up from 16.5 billion in 1982. The Dow Jones industrial average closed the year at 1258.64, a gain of 212 points over 1982. Prices on the American Stock Exchange, which is made up largely of younger companies with lower-priced issues, surged ahead 31%. The over-the-counter market, the haven for more speculative stocks, rose 20%. Most shares made their big gains during the first half...
...nation, the economic news last week was all good. Unemployment was down sharply in November, to 8.4%; the Dow Jones industrial average hit an alltime high. Around the country, retailers reported booming Christmas sales, and the leading economic indicators were up for the 14th consecutive month, the longest sustained recovery since 1975-76 (see ECONOMY & BUSINESS...
...season has been helping to boost investors' spirits. "There has been a rally of sorts every year at this time since World War II," notes LeFevre. Optimistic observers like Eric Miller, chief investment officer for Donaldson, Lufkin & Jenrette, are now predicting that the current upswing will push the Dow average far above 1300 and even past 1400 by the middle of the coming year. But the market's normal orneriness provides a note of warning. In 1966, the Dow hit 995. It did not close at over 1000 for nearly seven years...
...Dow Jones average of 30 industrials rose 3.46 points to 1252.44. Traders said the market followed through from a recovery Monday, when the blue-chip average rebounded from a loss of nearly 16 points in the early going to finish with a gain...