STATE OF BUSINESS: The Kennedy Climate

The stock market last week took a look at the President-elect of the U.S. and decided that it was not dismayed by what it saw. Building on a strong tone the week before election, it bounded upward when Kennedy's election was assured. In heavy turnover, stocks broke through the 600 barrier on the Dow-Jones industrial average, ran up a 12.54 gain for the week (to 608.61) in one of the year's best rallies.

Part of the market's rise was due to the end of the pre-election uncertainty. There was also an expectation of...

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