Bull Market?

U.S. investors felt so good about the war last week that they anted up hard cash to back their optimism, pushed stock prices to the highest level since early March. The Dow-Jones industrial average rose 3.64 points to 104.52; even the lowly utilities edged forward. Gains of the week: Bethlehem Steel, 2 1/4 points; Allied Chemical, 7 1/2; Beech-Nut, 6 1/2; Eastman Kodak, 5 1/4; American Telephone, 3 5/8; Westinghouse, 3 3/8; General Motors, 1 5/8; Singer Sewing Machine, 10 1/4; Philip Morris, 6 1/2.

Inflation was another reason for the upturn. Goods were scarce and dear, stocks were plentiful and cheap. The people had money to spend, so they spent some of it in Wall Street.

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