Market Up As Dow Closes at 922.15 Friday on Investor Optimism
The Dow Jones industrials gained 14.34 points to 922.15 for the week while the AP 60-stock average rose 7.3 points to 325.1. Analysts credit easing fears of higher interest rates for the rally, with wire photo chart included.
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Dow Jones
Associated Press
Aluminum wage deals draw White House disapproval
The United Steelworkers signed three year contracts with four major aluminum firms giving 32,000 workers wage increases over 31 percent. Alcoa announced a 6 percent price rise on most fabricated products starting Sept. 1, with other companies expected to match. White House criticized the raises and warned of broader industry goals. Separately, Penn Central trustees said they will sell Park Avenue rail properties in New York valued at about 1.2 billion dollars, including the Waldorf Astoria and Grand Central air rights, marking a change from prior plans.
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Trade Winds Inflation Holding Back Recovery
North American Newspaper Alliance outlines how renewed inflation dampens the economic rebound. Analysts warn that inflation may run at 4 to 4.5 percent, sending bond yields higher and pushing up short term rates toward 5 to 6 percent by mid year. The Fed aims to tighten the money supply to about a 6 percent annual rate through June 30.
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Open mindedness and flexibility key investor assets
In a long reflection on Wall Street behavior Gerald M. Loeb argues that fixed mindsets hinder investment success. He stresses open mindedness, adaptability to market swings, and avoiding overreliance on theoretical valuations or short memories to prosper in fluctuating markets.
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