Word: indexers
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Dates: during 1950-1959
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...months, to hit an alltime high. At week's end some big buyers dropped out of the market to wait for lower prices. But many industrial purchasing agents predicted that most metals will be high and scarce for the rest of the year. The Dow-Jones commodity futures index, which reflects traders' ideas of coming prices, pointed to still more rises. Last week the index went to 148.06, its highest mark since August...
Next day, Wall Street's bears began running for the tall timber. As they started covering their short sales, the market rose. Not only did the Dow-Jones industrial average hit a new high of 225.17, but the New York Times index of 50 stocks, which up to then had not broken through its 1946 high mark of 148.50 (TIME, June 5), shot up to 148.53. This new breakthrough started a new rush to buy. By week's end the Times index had risen to 150.35. This week the rising Dow-Jones industrials hit 228.38, the highest mark...
...Wonders. But overall, the biggest power under the market is still the stability and steady growth of the U.S. economy. From last summer's low point of 161, the Federal Reserve index of industrial production has moved upward to an estimated 192 for May, only a few points below the postwar peak. And business is still getting better. Last week U.S. steel mills produced at the rate of 99 million tons a year, the highest in history, and orders were piled up for months ahead. The automakers, who had been cracking records week after week, cracked another: they turned...
...Cohu & Co. bravely predicted that this was only the beginning. "The market at the present time may bear a position somewhat similar to 1924 [when it began an ultimate 296-point rise]." This was not as fantastic as it sounded; if the stocks in the Dow-Jones industrial index rose until they sold at 15.7 times earnings-the 1946 ratio-the index would top1929's record high of 386. Said cautious, sober New York Curb Exchange President Francis Adams Truslow last week: "Barring short-term adjustments, I am sure that the trend is toward a higher level." Wall Street...
...cream. At least one "they" expert was no longer operating: Frederick N. Goldsmith, who thought the comic strips disclosed what "they" were buying & selling and who peddled the tips in his market letter, has been banned from the street by New York State. ' The New York Times index of 50 stocks last reek hit 148.21, only a shade under its 1946 high of 148.50. The New York Herald Tribune's index of 100 stocks reached 131.01, still under its 1946 high of 137.45. The most comprehensive index of all, a compilation by Barren's financial weekly...