State of Business: How High the Moon

How High the Mood

With a strong surge, the stock market last week reached an alltime peak. The Dow-Jones industrial average jumped to 694.11, passing the previous record of 685.47 on Jan. 5, 1960. The rise of the industrials signaled the increasing strength of the market. Though broader-based market indexes had reached alltime peaks weeks ago, the industrial index, heavily weighted by capital goods stocks, had lagged a step behind the exuberant pace set by consumer goods and electronics. Now industrials—the classic measure of the market's strength—were beginning to catch up.

Stock selling to meet tax payments usually checks the market...

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