Following Tuesday's 36-point surge, the Dow Jones average added 48 more points yesterday, closing at a record 3,353.76. Most observers believe lower interest rates, improved IBM earnings and investors "jumping on the bandwagon" triggered the latest rally.
WALL ST. WATCH: "Federal Reserve easing has certainly restored investors' confidence." (Geoffrey Dennis, investment strategist). . . . "Tiny Fed easing won't reverse the market correction." (Allen Sinai, economist). . . . "Don't be fooled by strength of 30 Dow Jones stocks. Most stocks are having their own correction. It's time for cash and caution." (Sy Harding Forecasts). . . . "Stocks act heavily and our indicators deteriorated faster than expected. Reduce positions." (BCA Foretrends). . . . "Investors have jitters about March quarterly earnings, anxiety not misplaced." (California Technology Letter). . . . "Our eclectic approach recognizes that the market's valuation remains high and could move higher if interest rates seem to be declining." (Smith Barney via Rick Faby, Lutherville office.). . . . "Bulls make money, bears make money, but hogs -- never." (Old Wall Street saying.)
LOCAL LINE: Tomorrow night, locally produced "Wall $treet Week with Louis Rukeyser" examines "Small Strong Stocks" with Carlene Murphy, portfolio manager, Strong Funds, and panelists Ralph Acampora, Frank Cappiello and Mr. Ticker. . . . Saturday, I will talk money with you, 8-9 a.m. Phone 467-WBAL. . . . T. Rowe Price is listed under "Elite Service" (top ranking) in Financial World's April 14 Annual Mutual Fund Survey. . . . In Argus' latest Electric Utility Rankings, Potomac Electric Power is listed under "Group 1: High Quality" and BG&E and Delmarva Power & Light fall under "Group 2: Good Quality." . . . Jack Laporte, portfolio manager, T. Rowe Price New Horizons Fund, is written up and pictured in Barron's, April 6. ("New Horizons is the largest small-cap fund in the United States.")