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...professionals worried that the Bull had overreached himself, that the market had gone too high too fast. A few years ago, a stock that was selling for 15 times its earnings was considered expensive. At year's end the price-earnings ratio for industrials on Moody's index stood at 21, and for many stocks it was much higher, e.g., IBM is selling at 47 times earnings. Viewed at current earnings, the market may indeed be too high, reflecting a hedge against more inflation as well as a hope of sharing in the growth of the economy...
...well on its way out of recession. Gross national product was clipping along at $453 billion annually, a new record, and industrial production was back up to 142 on FRB's index, only four points below the alltime peak. Where to in 1959? As usual, the forecasters see clearly for six months: a gradual, continuing recovery without explosive boom. Says Louis J. Paradiso, chief statistician for the Commerce Department: "1959 will be moderate. The graph will go back to saucer form. The momentum of the recovery will show a very good rate of increase in the first half, with...
After two years of upcreep, the Federal Government's consumer price index leveled out last summer, even slipped downward a little in August under the delayed drag of the recession. Last week the Bureau of Labor Statistics announced that in October the ups and downs averaged out and the index held steady for the second month in a row at the August level of 123.7 (the 1947-49 average = 100). Up: new cars, women's and girls' clothing, rents, medical care, cooking gas, fresh vegetables, beef, milk. Down: house furnishings, men's and boys' clothing...
...business recovery. On all but one day last week, stocks climbed to new records, closed the week at 564.68 on the Dow-Jones industrial average, up 10.42 for the week to an alltime record.* The Dow-Jones industrial average, most volatile of the averages, and Standard & Poor's index of 500 stocks weeks ago exceeded their alltime highs; last week, at long last, they were followed by a slowpoke: the New York Times combined average of 25 industrial and 25 railroad stocks, which broke through its alltime high set in August 1956. Crowed the Times: "A historic milestone...
There is little doubt that the country has suffered from a stalemate in recent years. The rate of industrial growth (the index of industrial production in the year 1957 was 384: base--1950=100) has tended to fall off during the last two years while agricultural production showed no increase. These, among other factors, were responsible for a widespread feeling within Pakistan against the ineffectiveness of the then governments and the welcome accorded to the Revolution...