Surge of Confidence

Reflecting an upsurge of renewed confidence in the economy, Wall Street's rising stock market last week climbed to a new high for the year. Led by blue-chip oils, steels and chemicals, which have been largely dormant in recent months, and bolstered by spectacular gains in some new growth industries (see below), stocks in the Dow-Jones industrial average climbed 7.30 points to wind up the week at 505.60, within striking distance of the alltime 521.05 peak set last spring.

Other facts.and figures supported Wall Street's optimism. From Secretary Sinclair Weeks's Commerce Department came word that the U.S. gross national product moved up another notch to a record annual rate of $427.1 billion in the first quarter of 1957, up $3.3 billion from the last quarter of 1956. Personal income rose to another record in April, and the forecasts are that consumer spending will keep on rising throughout the year. After a meeting of 100 topflight business leaders and Government economists in Hot Springs, Va., Sears, Roebuck Chairman Theodor V. Houser reported a "significant change" in businessmen's attitudes. Their conclusion, said Houser: 1957 will be an even better year than 1956. Added Bankers Trust Vice President Dr. Roy L. Reierson: "Total economic activity is still firm. The economy is still in a tremendous investment boom."

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