Wall Street: Love That Inflation

Inflation is a bogy word that has almost passed out of the news in a day when businesses have so much unused capacity around. But there was no mistaking the stock market's feeling about it last week: the market loves inflation. As the Dow-Jones industrial average rose 7.19 points, the market clearly showed that it once more sniffed inflation in the air—whether it was really there or not. Spurring the market's expectations were President Kennedy's request for the largest federal budget in history and his tax-cut proposals, which will help spur investment even while they contribute to a near-record...

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