THE ECONOMY: Muscle Flexing

Wall Street was more cheerful last week than it had been for months. With the stock market surging to a new high for the year, the Dow-Jones industrial average closed the week at 181.16, nearly 20 points above the June low.

Was this the traditional summer rise (since 1897 the market has registered an average midsummer gain of 16% over the spring lows) or the beginning of a long upward pull? One Philadelphia broker thought "Those who now remain on the sidelines might find themselves among the crowd scrambling for stocks 20 points...

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