Word: indexers
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Dates: during 1950-1959
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...bouncing up in the opening session this week. The Dow-Jones industrial average reached 228.94, thus breaking through the previous bull market high of last June and climbing to the highest point since September 1930.* Railroad stocks, which had been pacing recent market advances, also rose; their Dow-Jones index was the highest since August 1931. One gold-plated performer: the Nickel Plate Railroad which, after a 19-point gain last week, shot up another 20½ points...
...There was no sign of such a catastrophe in the barnyard-or in the sky. Despite the big rise in prices, commodity prices had still not yet reached their boomtime peak of 1948 (see chart). On the contrary, the first rumors of peace last week sent the Associated Press index of commodity prices tumbling in the biggest break in more than two years...
...arms program begins to cut into the civilian economy in the next six months. The economy, which had been close to its postwar peak when the Korean war began, was showing an amazing ability to keep right on growing and handling the new burdens. Last week the industrial index hit an estimated 212, an 8% increase in output in the last three months. Since production is the only real preventive of inflation, it looked as if those who were calling for all-out wage & price controls and tight restrictions on how and what industry should produce were being frightened...
Statistics about the entering class at the Business School this year run the gamut just like a neat business index which covers a long period of time...
This average was still a shade below its mid-June-and bull market-high of 228.38. But some stock averages with a wider cross section of the market (e.g., the New York Times index of 50 combined stocks) had already broken through their June peaks and reached the highest levels since 1931. The conviction that victory was closer also brought a shift in trading psychology. The favorites last week were the television, motor and other "peace" shares, hardest hit by scare selling at the outbreak...