In moderate pre-holiday trading, the Dow Jones average lost 38 points on Wednesday, closing at 2,934.70. Five years ago on Independence Day the DJ stood at 1,909.03 and on July 4, 1981, the Dow indicator was at 959.19. (Can we expect a 1,000 point gain every five years?)
Historically, July has been a fairly strong Wall Street month, the year's sixth best, up an average 0.9 percent over 40 years. And this year? "Stocks will consolidate big recent gains; now we need earnings growth to push higher." (Harvey Eisen) . . . "We need better signs that the economy will recover, earnings will grow and interest rates drop; 10-year bonds look tempting." (Alan Bond). Above comments made on "Wall Street Week with Louis Rukeyser," 21 of whose 27 panelists are beating the Dow with their stock selections for December 31, 1991, made six months ago. Tonight, W$W spotlights utility stocks with panelists Martin Zweig, Mary Farrell and Mr. Ticker.
HALF-WAY: As noted Monday, Carl Quoss, Arbutus, leads our annual Dow Jones forecasting contest. At the half-way mark he's nearest to the June 30 Dow Jones closing of 2,906.75 with his 2,907 forecast for year-end, but we have six months to go. At this point, runners-up are John Barry, 2,906; Gil Zemlak, 2,908; Herbert Moses, 2,909; Helen Weaver, 2,904; Ivan Quinter, 2,910; Marlene Cohen, 2,910; Lester Van Asdlen, 2,910; Bill Bricker,2,910; Kitty Sisnz, 2,903; Philip Voelkek, 2,911; Henry Blum, 2,911. No decimals were allowed. Stay tuned.