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...units in recent months. Though this pace is unlikely to continue, builders anticipate that they will wind up the year well ahead of the record-breaking 2,000,000 houses and apartments begun in 1971. The stock market has risen about 20% since Thanksgiving, and last week the Dow Jones industrial average jumped 21 points, closing at 962.60, a three-year high...
...very rich institution, furthermore, but it could be even richer if its investments were administered more effectively. The rate of return on Harvard's investments over the last ten years (with the single exception of 1970-71) has been disappointing to say the least. The average American using the Dow Jones figures from the daily newspaper could have earned the same rate of return as Harvard's very expensive financial consultants have managed...
Though a rate rise had been anticipated, the news moved many investors to sell. On the first day of trading last week, the Dow Jones industrial average plunged eleven points, to 929. But the Dow picked up in subsequent sessions and closed the week at 943. A major stabilizing factor: the belief that the Federal Reserve will not revert to a restrictive money policy and risk stalling the business recovery in a presidential election year. Most Wall Street professionals are optimistic and are all but certain that the Dow will pierce the magical 1,000 level before long...
...Dawdling Dow. The market is even more vigorous than the Dow Jones average of 30 big, old industrial stocks suggests. The Dow is the market's best-watched barometer, but it is lagging well behind more representative, broader-based gauges. Standard & Poor's index of 425 industrial stocks hit a new all-time high four weeks ago. Last month the industrial component of the New York Stock Exchange's 1,047-issue index also reached a record. Yet the Dow dawdles 52 points behind its record closing of 995 posted in February...
Dogging the Dow's progress are the limp performances of quite a few of its stocks, including Anaconda, United Aircraft, U.S. Steel and International Harvester. Profits of many of the big firms have been vitiated by recession, expropriation of their property abroad and muscular foreign competition. Because their size makes them so visible and the impact of their actions is so widespread, the prices that large firms charge are more tightly controlled than those of smaller companies...