As the stockmarket, in the face of fat earnings and general prosperity, last week drifted down to a new low for the year, traders began to wonder just what Wall Street would consider encouraging news to investors. In midweek they found out. President Truman's speech to Congress, which seemed to promise a baby armament boom, started stocks moving up. At the same time, the prospects for earlier passage of ERP promised a boost to sagging exports; and the hope that the income-tax cut could probably be passed even over a presidential veto...

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