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Although stock prices remain stuck a bit below 1,000 on the Dow Jones industrial average, most Wall Streeters still think it is only a matter of time before the barrier crumbles and the U.S. economy continues its comeback. In back-and-forth trading last week the Dow average closed at 972.92, about even with the previous week's close. Simultaneously, however, the nation got some of the best news yet about prices and jobs. The wholesale price index in February dropped .5%; it was the fourth straight month in which that key indicator has either held steady...
Ironically, amid all this bullish news the stock market last week resoundingly failed to pierce the magic 1,000 mark on the Dow Jones industrial average. For three days prices hovered just below that point, reaching 996 at midday Thursday; then sell orders flooded the New York Stock Exchange. The average tumbled 23 points the last two days, to close the week...
...gross national product rose at a rate of 4.9%, its third consecutive quarterly increase; and inflation climbed at a 6.8% rate, down .3% from the preceding quarter. The New York Stock Exchange last week set a one-day trading record of 44,510,000 shares, and the Dow Jones industrial average surged 26.85 points in two days, to 987.80-its highest level in three years...
With a final sharp spurt, the stock market last week finished its most explosively bullish month ever. Easily shaking off some midweek profit taking, the Dow Jones industrial average rose 24 points on the last two trading days to close on Friday at 975, its highest mark since October 1973. That brought the rise for all of January to 123 points, the most for any month in history. Even more astonishing was the hectic pace of trading on the New York Stock Exchange: January rewrote every volume record in the Big Board book. The month witnessed the highest turnover...
...volume reflects a fortunate confluence of willing sellers and even more eager buyers. Odd-lot statistics (those on trades of fewer than 100 shares) indicate that the sellers are largely individual investors. Many had ridden their stocks up from the market's 1974 low of 577.6 on the Dow Jones average, and now stood to recover some of their earlier losses or, in some cases, to pocket profits. As 663 of the 2,111 issues on the Big Board touched 1975-76 highs last week, some of their owners began to sell...