Fast Pulse

"President Eisenhower is the pulse of the stock market," said a Wall Street broker. "Everything is Ike, Ike, Ike." For weeks the market pulse has beaten sluggishly; trading dropped and prices edged down as a majority of Wall Streeters decided that Ike would not run again. Last week the pulse speeded up after the doctors issued their report on Ike's condition. The next day so many buy orders poured in that some specialists had trouble opening their stocks. Not until 10:18 a.m., for example, did U.S. Steel open on a huge block of 25,000 shares, up 3 5/8 at 55 1/2; Du Pont jumped six points on a block of 4,000 shares. By the close the Dow-Jones industrial average was up to 470.64, a gain of 4.92 points.

The following day investors had some sobering second thoughts; trading slumped again and stocks drooped. But on the last day's trading of the week, the market came back with a rush after Edgar Eisenhower predicted that his brother would run (see NATIONAL AFFAIRS). As a surge of confidence swept through the Street, the market took off. The buying was so lively that the ticker fell behind again and again. By day's end the Dow-Jones industrial average had risen to 7.44--the greatest jump since Nov. 14--and reached 477.05.

For the week, the 1,390 stocks on the New York Stock Exchange had increased several billion dollars in value, climbed to within twelve points of the all time bull-market peak reached at year's end. And Wall Street was confidently predicting that if and when Ike actually says yes, the market will go up some more.

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