Surging ahead as the second half of 1992 opened, the Dow Jones average gained 35 1/2 points yesterday to close at 3,354.10. For the year's first six months, the Dow indicator advanced 149 points, or 5 percent, sharply outperforming the NASDAQ over-the-counter index, which fell 4 percent.
LOOKING AHEAD (from "Wall Street Week with Louis Rukeyser"): "44 percent of all stocks are down 30 percent this year, but the second half of election years is generally better. However, the Perot uncertainty poses a problem." (Harvey Eisen) . . . "The business recovery isn't real strong and I think it would be more realistic if the Dow fell to 3,000 or 2,800." (Deborah Allen) . . . "This market needs lower interest rates because we're lapsing back into recession." (Alan Bond) . . . "There is no short-term interest rate cut in sight." (Carter Randall) . . . "We're in a long-term bull market; buy Chubb and J. P. Morgan." (Michael Holland)
MORE OPINIONS: "By my historic yardsticks, the Dow Jones average isn't overpriced; in fact, it's fairly cheap." (Kenneth Fisher, Forbes, July 6) . . . "I expect the Dow to jump to 4,000 within a year." (Don Hays, strategist, Wheat First Securities) . . . "Poor durable goods report is more evidence that we're in a stop-and-go mode." (A. Gary Shilling, economist) . . . "The biotechnology party isn't over; there's an enormous future for those stocks. I'd buy Amgen, Genentech and Biogen." (Denise Gilbert, biotech analyst, Smith Barney) . . . "Considering the overvaluation of the stock market, utilities and high-grade bonds may offer the safest investment areas." (Rex Rehfeld, Gruntal & Co., Baltimore).
BALTIMORE SCENE: Bell Atlantic, which serves our area, appears under "Favored Stocks in Telephone Group" in S. & P. Outlook, June 24. The stock yields about 6 percent . . . Potomac Electric Power is listed under "Master List With Dividend Reinvestment Plans That Permit Cash Investments" in the same publication. Pepco yields 6.5 percent . . . "Top Performing Bond Mutual Funds" list in Kiplinger's Personal Finance Magazine, July, includes T. Rowe Price International Fund . . . Security Trust/Maryland National Bank investment chief Myron Oppenheimer (244-6569) will mail his latest "Strategy Update," discussing reasons for "extreme recent underperformance of health care stocks" . . . Legg Mason's 23-page Mid-Atlantic Review comments on Black & Decker, Giant Food, Hechinger, etc. Phone 539-3400 for your copy.
MONEY SAVERS: To check on a late 1991 income tax refund, call 800-829-4477. The IRS must pay interest (current rate 7 percent) on refunds not paid by June 1 . . . And if you still haven't received your 1990 refund, call 800-829-1040 . . . American Express is offering a free list of low-rate credit cards. Call 800-845-5000 . . . Speaking of low-rate credit cards, Oak Brook Bank, Oak Brook, Ill. (800-666-1011), dropped its rate to 10.9 percent on a $20 annual-fee card and 12.4 percent on a no-fee card . . . Potomac Savings (301-236-0070) is listed under "Top-Yielding 6-Month CDs" and Washington Savings (800-843-7250) appears under "Top-Yielding 1-Year CDs" in Kiplinger's Personal Finance Magazine, July.
JULY JOURNAL: "The next postal increase, coming in 1994, will probably jump first-class mail to 35 cents." (CNN News) . . . Tomorrow night, "Wall Street Week" holds its annual midyear show, with past performance records and predictions . . . The New Yorker magazine, July 6, runs one of its rare "World of Business" articles, this one about Time Warner . . . MNC Financial (Maryland National Bank) and USF&G stocks scored good gains in this year's first half . . . Harry B. Gorfine & Co. (539-5474) will mail its July "Tax Report," with the lead article, "Using Trusts in Your Estate-Tax Planning," well worth reading . . . "The average charity donation per household in 1991 was $1,093, with 54 percent going to churches." (U.S. News & World Report, July 6) . . . Just In: "Slumping Stock Market Foreshadows Economic Shocks After and Maybe Before Election." (LaLoggia's Report, June 26)