Stocks shave Tuesday surge

The Ticker

April 04, 1991|By Julius Westheimer

The Dow Jones average shaved 18 points yesterday from its && 64-point surge on Tuesday as the market declined yesterday in heavy trading. When Wall Street opened this morning, the Dow indicator stood at 2,926.73, still ahead 560 points from last October's 12-month low.

LOOKING AHEAD: "I'm sweet on the market and see a 10-15 percent gain by year-end. Momentum is powerful, stocks don't topple in markets like this, the economy is recovering and our dollar is strong." (Martin Zweig) . . . "I'm upbeat. Secondary stocks are flying; we haven't seen anything like this for seven years. It's the beginning of the cycle for smaller companies." (Harvey Eisen) . . . "Stocks are overpriced relative to fundamentals, but we could hit 3,100 soon, and that will be the year's high. DJ 2,700 is a fair level." (Howard "Pete" Colhoun) . . . "I'm fully invested, with only 2 percent in cash." (Morris Smith, new portfolio manager, Fidelity Magellan Fund, replacing Peter Lynch.) Those comments come from "Wall Street Week with Louis Rukeyser."

HOPEFULLY HELPFUL: In response to many requests, here is the address to write to if you have lost U.S. Savings Bonds. Write Department of the Treasury, Bureau of Public Debt, 200 Third St., Parkersburg, W. Va., 26106-1328. Give as much data as you can, including denomination, serial numbers, name and address on the bonds and dates purchased. The Treasury will send you a form to fill out and return, and when it finds records of your bonds, it will send you new ones.

DATABANK: For the year's first quarter, here is how various averages performed, by percentage gains: NASDAQ (over-the-counter) up 49.6; Dow transportation ahead 29; American Stock Exchange up 16.6; New York Stock Exchange composite ahead 13.7; Standard & Poor's 500-stock index up 13.6; Dow Jones industrials gained 10.6; Dow Jones utilities ahead 3.6. High-tech and medical stocks soared, helping small stock indices outrun the Dow industrials.

LOCAL MAILBAG: Gary Hornbacher writes: "I admire the way you relate the values your father left you. My Dad, 88, never earned over $8,000 a year but his experience as a teen-ager who dropped out of school to support his mother, brothers and sisters when his father died, led to his giving me the best advice I ever had. He said, 'Son, everyone should have a nest egg to fall back on in hard times, but before you invest in stocks and bonds, invest money in yourself -- in education, tools or equipment that allow you to continue your trade if hard times come. Employers come and go, but there's always work waiting for those who are prepared."

APRIL SHOWERS: Daylight Savings Time begins Sunday . . . I'll answer your "money" questions on WBAL Radio Saturday, exact time to be announced . . . "Become more humble as the stock market goes your way." (Bernard Baruch) . . . Mrs. Eugene Johnson writes from Camp Hill, Pa., "Here's an indicator of the economy: our Commonwealth National Bank has just discontinued its free lollipops for the children. Things must really be on a slide. The kids are furious!" . . . . . . Phone Jack Rosenbloom, Dean Witter Reynolds (547-7027) for his firm's current monthly income portfolio . . . Clipper Fund (800-776-5033) and Gabelli Asset (800-422-3554) are among mutual funds that reduced high minimums to $1,000 and $2,000, respectively, for IRA accounts. Both have fine three-year performances . . . "A ship in the harbor is safe, but that is not what ships are for." (Bits vTC & Pieces) . . . The Kiplinger Washington Letter says that more men are doing family grocery shopping, paying less attention to prices than their wives used to . . . "There's a chance that mortgage rates will be coming down again." (100 Highest Yields, April 1) . . . Only a week and a half left to finish your federal and Maryland income taxes. They must be postmarked by midnight, Monday., April 15 . . . .

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