Word: higher
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Dates: during 1950-1959
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Away from the chessboard, Bobby barely tolerates the world around him. An indifferent sophomore at Brooklyn's Erasmus Hall High, he professes a certain interest in astronomy, prehistoric animals, hypnotism-"all that sort of stuff"-but admits to no urge toward higher education or any aspiration but more chess. To the annoyance of his sponsors at the Manhattan Chess Club, he has turned up his nose at the club tournament. Now that he is in the big time, Bobby can't be bothered. Winning the U.S. title makes him eligible for the interzonal finals this summer in Yugoslavia...
...that the basis is being laid for a rise in late 1958 and 1959. One clue is the widening spread between stock dividends and bond yields. In July, when stock prices were high, bonds yielded only .32% less than stocks; today, with stock prices much lower (and bond prices higher), stocks pay up to 1.17% more than bonds, are thus more attractive buys...
...took a bad licking last year as investors switched into defensive issues such as utilities, food, tobacco and finance companies. Yet, when the selling was heaviest, many a coolheaded investor decided that the news was not that bad and started buying again. Since then, the market has seesawed cautiously higher: stocks on the Dow-Jones average ranged between 438 and 451 in January; 436 and 458 in February, closed at 453.04 last week, 33.25 points above the October...
...ENGLAND, whose chronically ill textile industry has been in bad shape for years, is in deepening recession despite a flood of new electronics plants. Unemployment claims are 100% higher than last year at this time; auto sales are down sharply; and retail business, which was ahead for January (up 3%), took a sudden 29% drop during the February snows, has not yet recovered. Yet mortgage foreclosures are still at a minimum, and such a sensitive economic barometer as New England's winter-sport industry shows a 12% increase...
Federal Reserve Chairman William McChesney Martin, who feels that the economy is suffering from indigestion or overexertion but that it is healthier now than it was three months ago, says: "Nothing can prevent our recovery going to higher levels of activity than we have heretofore except our mishandling of the patient by shooting in hypodermics, giving drugs at a point where the patient will continue to overexert himself and eventually put himself in a much worse position than he is at present...