The U.S. economy last week felt a strong new shot of inflation. The prospect of higher prices and steady profitsand the announcement of Air Force and Navy orders (see Aviation)pushed the bull market to a new high. The parade was led by oil and aircraft stocks, notably Grumman, which felt prosperous enough to declare a 100% stock distribution (the stock rose five points in two days). The Dow-Jones industrial average got up to 192.96.
The most bullish influence was the growing certainty that production and profits would not be hamstrung by a rash of strikes. Following the lead of General...
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