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Four-digit fever has swept Wall Street periodically since Dec. 31, 1976, when the Dow Jones average of 30 leading industrial stocks last cracked the 1,000-point level. But rarely had an assault on the magic barrier been more furious-or inconclusive-than the trading melee that last week nudged the Dow briefly, and by the barest fraction, into quadruple digits...
Having surged powerfully upward since the election, the Dow hung tantalizingly just below 1,000 throughout much of the week, then finally squirted to 1,000.17 in an avalanche of late buying at the close of business Thursday. On Friday, reports of a three-quarter-point rise in the prime rate helped push the market down 10.24 points to close...
...fact, the real surprise was not the rise in the Dow, which has climbed by 53 points on the New York Stock Exchange since Nov. 3, but the unprecedented volume of trading. During the week, a record 306 million shares changed hands on the Big Board alone, helping to push annual volume past 10 billion for the first time in the exchange's history...
...Reagan Administration will cut Government spending and institute tax reforms that will stimulate investment and savings. Investors believe that the climate will be very good for financial assets like stocks." Adds Investment Strategist David Bostian of Bostian Research Associates: "In March you could not convince people that the Dow would ever go above 800. Now you cannot tell them that it will drop below...
...problematical. If the buying spree continues, it will be in the face of not only signs of continued economic .slump and inflation but also some Wall Street history. In modern times, stocks have usually climbed through the first year of a new Democratic Administration.* But the last time the Dow rose in the Inaugural year of a Republican Administration was in 1925, after Calvin Coolidge was elected...