STATE OF BUSINESS: Higher & Higher

The surging bull market paused briefly last week to catch its breath, then leaped to new highs. The Dow-Jones industrial average climbed to 389.60 at week's end, up almost two points from the week before. Said one Wall Streeter: "It used to be that the market rose in expectation of good business. Now it's rising because good business is here." Among recent signs of a vigorous economy:

¶ Auto production for the week reached 140,627, the highest point for any week in 18 months. Sales matched the production pace, e.g., Ford sold 60% of dealer stocks the first day that new...

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