Wall Street: Holiday Cheer

The old year is one that Wall Street would like to forget. Still, a common sentiment among brokers is that all the stock market needs for a rebound is a sniff of good news about tight money. Last week Paul McCracken, chairman of the President's Council of Economic Advisers, provided just that by suggesting that the time may be nearing for the Federal Reserve Board to relax its credit restraint. Stock prices responded exuberantly. On the New York Stock Exchange, the Dow-Jones industrial average rose 10 points on Christmas Eve and closed the week at 797.65, a heartening gain...

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