Bright Awakening

After four weeks in the doldrums, the stock market came to life last week, pushed into uncharted territory. The Dow-Jones industrials clipped through the old high of 614.69, climbed 18 points for the week to a new record of 624.06. Reflecting week-by-week increase in car-loadings and higher rail earnings, the Dow-Jones railroads climbed to a new 1959 high of 168.92, up 5.81 for the week, and highest since 1956. What encouraged Wall Street about the advance was that the market leadership came from such old-line blue chips as American Telephone & Telegraph and International Business Machines, which topped 600 before sliding back at week's end. Behind the market advance was a growing realization by investors that 1959 will be a far better year than most had expected. The boom is already being reflected in earnings (see below).

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