STATE OF BUSINESS: New Market Peak

After rising almost steadily for four weeks, the stock market last week broke through the postwar bull-market high. The Dow-Jones industrials average hit 294.03 highest point since April 17, 1930. Railroad stocks, along with oils, were among the leaders. Even motors, long the ugly ducklings of the list, were beginning to show a few swanlike pin feathers.

There was reason for such optimism. The slump in used-car demand, which had pulled down new-car sales, had reversed itself. And new-car sales, after a slow start early last month, were also picking up. Ford Motor Co....

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