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...feel festive. An easing of monetary policy by the Federal Reserve Board and the sharp break in interest rates have given a boost to bank earnings. After having been severely depressed during the summer, bank shares are among the hottest stocks in the current Wall Street rally. As the Dow Jones industrial average reached 1,037 last week for its highest close in nearly a decade, shares of New York's Citicorp gained 5⅞ points, to 38%, and Chase Manhattan was up 5½ points, to 54%. Prices of the 24 bank stocks included in an index compiled...
Since mid-August, the Dow Jones Industrial average--the widely-accepted barometer of the stock market's performance--has skyrocketed 30 percent amid heavy trading and has hovered around the 1000-point mark. The bond market has also risen more than 25 points in the past two months...
...President's popularity ratings dipped five or six points over the weekend following the announcement, but rebounded by last Tuesday after interest rates continued to fall (the prime rate was down to 12% from 16.5% in midsummer) and the stock market shot up (from 777 on the Dow Jones industrial average in mid-August to 993 at the end of last week...
...soon as the New York Stock Exchange opened for business last Monday, buy orders poured in by the thousands. At day's end 138.5 million shares had changed hands, driving the Dow Jones industrial average up 25.94 points. For the first time in more than a year, that closely watched index finished above the 1000 level, at 1012.79. As the week progressed, big institutional traders like banks and pension funds were joined by more and more individual investors, who streamed in to catch the action...
...Thursday, the rally had started to lose steam, sending the Dow Jones index skidding more than 18 points. By week's end the Dow had slipped below the 1000 level, closing at 993. Meanwhile, analysts had begun to warn that little was fueling the buying binge except the fervent hope that lower interest rates would eventually lead to economic growth...