Wall St up again
NZPA-Reuter New York A final-hour buying spree helped stock prices close sharply higher for the second successive session on Monday as Wall Street was encouraged by signs that the Reagan Administration may be willing to trim the federal budget deficit through a tax increase. The Dow Jones industrial average, which rose more than 30 points last week, tacked on another 14.86 points to close at 1179.96. Advancing issues outnumbered falling 1156 to 479. Analysts said the market, which is still being nudged ahead by technical factors, is also looking for positive economic news on which to feed.
One such news item was a statement to United States Governors by President Reagan, saying he might consider a tax increase next year. Analysts said a tax hike would be welcomed by investors, whose main concerns are the Federal Budget deficit and the high interest rates that current spending levels might produce.
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Press, 29 February 1984, Page 31
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153Wall St up again Press, 29 February 1984, Page 31
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