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...Christmas results constituted fresh evidence that consumers are starting to spend again and the sluggish economy is perking up. Other bits of news have pointed the same way. Reflecting a rise in investor confidence, the Dow Jones average of 30 industrial stocks pierced the 1000 mark last week for the first time in three months and closed out the year at 1004.65. The Government's index of ten leading indicators posted a 1% gain in November, its best showing since June. Detroit reported new-car sales up 32.5% from a year earlier in the middle third of December...
...recent weeks by Carter's appointment of political moderates to top Administration posts. Says Reynolds Securities, Inc. Vice President Robert Stovall: "'There's a growing chance that Carter might give us a market equal to that of the first year under President Kennedy" (when the Dow Jones industrial average of 30 blue-chip stocks rose...
Reflecting the new optimism, the Dow has already climbed from a postelection low of 924 on Nov. 10 to 979 at the close of trading last week, a gain of 55 points in five weeks. Monte Gordon, research chief of The Dreyfus Corporation, believes the Dow could hit 1100 in the first six months of next year, surpassing its alltime, January 1973 high of 1051.70. About midyear, Gordon predicts, the Dow will slide back to 1025 or so before moving up again to close 1977 somewhere between 1100 and 1150. Analyst Edson Gould of Anametrics, Inc. who has gained...
...stocks of smaller companies in residential building, home-furnishings and semiconductor equipment. Until fairly recently, such secondary stocks were largely overlooked despite their attractively low price-earnings ratios and relatively high dividend yields. One result of this buying surge: price gains in the general market have outdistanced the Dow's blue-chip index. So far this year, the Dow has advanced 15%. The index of all stocks traded on the New York Stock Exchange (roughly 1,550) has gone up 18.8%. All this portends a good, maybe even record year for brokerage houses...
...case, few on Wall Street will be sorry to see 1976 end. It has been a strange year, in which a volcanic opening led only to months of puzzlement and frustration. Paralleling the economy's robust first-quarter growth, the Dow spurted ahead 157 points, to 1009, from Jan. 1 to March 24. But for the next six months the market moved listlessly sideways. Tantalizingly, the Dow pierced the 1000 mark no fewer than eleven times during the year, only to fall back every time. On Sept. 21, the index reached 1014, its peak for the year, but then...