Business: Earnings Up, Stocks Down

Wall Street's bull showed more concern last week over the coming exchange of visits between President Eisenhower and Premier Khrushchev (see NATIONAL AFFAIRS) than joy in the continued outpouring of record earnings. Some investors in companies with big defense contracts, or in the missile-and space-based electronics industry, dumped their stocks. They felt that any warming in the cold war might bring a cutback in defense orders, even though most Wall Streeters believe that an end to the cold war would be bullish, since it would open the way for a cut in the U.S. budget and in taxes. The Dow-Jones industrial...