STOCK MARKET: A Tempered Enthusiasm

Like sunshine after a storm, a mood of calm confidence is brightening the stock market as it moves into the new year. Buoyed by cheering economic prospects, investors have pushed stock prices steadily upward for seven weeks in a row.

Last week the long rally gained new vigor. The New York Stock Exchange's Dow Jones industrial average spurted above the psychologically important 900 mark for the first time in three months. Volume in one session surged to 21.4 million shares, lifting a wide range of stocks, from blue-chip stalwarts to long-depressed aerospace issues like United Aircraft and McDonnell Douglas. At...

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