State of Business: Wait Till Next Year

On Wall Street, which lives by statistics, there are some numbers that have a mystical significance more important than their actuality. Last week the Dow-Jones industrial average rose above the 600 mark (up to 611.98 in fact) for the first time since early June. That was still 100-odd points short of the record set in December—but anything above 600 looked good. Twice before in the past month, the Dow-Jones stocks had struggled close to 600 only to fall back.

Some bears thought that the market might tumble after President Kennedy's TV talk, in which he said he will not recommend...

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