Newspaper article St Louis Post-Dispatch (MO)

Bulls Stick Fast to Driver's Seat

Newspaper article St Louis Post-Dispatch (MO)

Bulls Stick Fast to Driver's Seat

Article excerpt

Stocks rose Friday as a robust economy and falling bond yields fueled optimism that the market's recent slide from all-time highs has run its course. Drugmakers like Warner-Lambert Co. led a broad market advance.

"The bullish momentum is still intact," said Garrett Nagle, chief executive of Garrett Nagle & Co.

The Dow Jones industrial average rose 33.47, though it lost more than half of a 116-point gain. The 30-stock average is on course to record a 17 percent return for the second quarter ending Monday. The Standard & Poor's 500 index climbed 3.62. The Nasdaq composite rose 1.77. Among the day's best performers were cyclical stocks, companies whose sales and profits do best when the economy is ebullient. Caterpillar Inc. rose 2 3/8 to 108; construction equipment-maker Ingersoll-Rand Co. rose 1 1/16 to 61; and Goodyear Tire & Rubber Co. rose 1 1/2 to 63 1/4. "The economy's on an even keel, and there's a growing sense that if the Federal Reserve is going to raise interest rates this year, it will have to do so only moderately," said James Weiss, deputy chief investment officer for equities at State Street Research & Management Co. …

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