Newspaper article St Louis Post-Dispatch (MO)

Banks Lead Run to Records as Rates Fall

Newspaper article St Louis Post-Dispatch (MO)

Banks Lead Run to Records as Rates Fall

Article excerpt

Stocks set records for a third day Tuesday as falling interest rates bolstered confidence that strong profits will support yet higher share prices in 1997. Citicorp and other financial stocks paced the advance.

Reports of small gains in consumer prices and retail sales drove down borrowing costs to their lowest level in more than a week, enabling companies to spend less money to finance expansion.

"If you continue to have some earnings growth, and you continue to have an expansion, I wouldn't call an end to the bull market yet," said Barbara Marcin, a money manager at Citibank Global Asset Management Group$. The Dow Jones industrial average recorded its sixth record high in seven sessions, rising 53.11 to 6762.29. The Dow climbed 314.02 points, or 4.9 percent, in the first nine days of trading this year, eclipsing its 2.1 percent rise for all of 1994. Last year, it rose 26 percent. International Business Machines Corp. rose 2 7/8 to 166 3/4, its highest since Aug. …

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