STATE OF BUSINESS: Summer Surge

"Despite a paucity of favorable news, the stock market had a good session yesterday under the leadership of steels," reported the New York Times one day last week. It was the understatement of the week. With 650,000 steelworkers on strike and 90% of the industry shut down, there seemed little cheer for Wall Street's traders; yet they scrambled to buy. Along with steels, oil and aircraft stocks pushed higher, and the 1956 bull market went up on three of the four trading days. By week's end the Dow-Jones industrial average stood at 504.14. The...

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