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American Express is added to the blue-chip stock index...
Later on Thursday, one of Wall Street's most stubborn bears, Analyst Robert Farrell of Merrill Lynch, suddenly sided with the bulls. He predicted that the rally would last for seven to eight weeks and perhaps take the Dow to 950. Previously, he had forecast a peak in the index of no more than 870 this fall...
...expect down days, because there are too many people in the market who take their profits and run. But right now we think the trend is still up." Rolland's optimistic outlook: if interest rates continue to decline and confidence in the economy grows stronger, the Dow Jones index will rise another 100 points...
...more concern to Main Street, the annual rate of inflation, as measured by the Consumer Price Index, dropped in July to 7.3%, after two months of renewed flirtation with double digits. For a welcome change, after-tax incomes are now rising faster than prices, about 1½% more rapidly in the most recent twelve months. That means that consumers are slowly acquiring more purchasing power, following two years of stagnation or even decline...
Inflation. Runaway costs that were sapping the vitality of the economy now seem safely under control. The Labor Department reported last week that the Consumer Price Index rose at an annual rate of just 7.3% in July, and a mere 5.4% for the first seven months of 1982. Inflation had been raging at a rate of 12.4% in 1980, and it was going at an annual pace of 9.7% in January 1981, the month Reagan was inaugurated. The drop since then has been caused by a sharp slowdown in wage hikes, due to the recession, and by only moderate increases...