DOW JONES INDUSTRIALS SURGE TO RECORD HIGH TWO DAYS IN A ROW

The Dow Jones industrial average hit a new high for the second day in a row Thursday, closing at 4,472.75, up 7.61.

On Wednesday, the Dow closed at 4,465.14, up 86.46.

Marsha Limbaugh of A.G. Edwards and Sons said the rise in the average isn't a big surprise: Bull markets go up.

The bull market has been boosted by a lift in the dollar. Also, the economy is slowing but hasn't stopped. Inflation is low and corporate earning are up.

"There is a lot of positive sentiment out there," Limbaugh said. "The economic news has been viewed positively. In a bull market, economic news is viewed as half full, not half empty."

Joe Domian of Edward D. Jones & Co. in Cape Girardeau said, if everything goes right, the average could top 5,000 this year. But the stock market is never a sure thing.

"It's not going to go straight up," Domian said, "and it could drop. But you have to look at the long-range picture."

Stock investors have been worried for some time that the economy may be slowing down enough to start eating into corporate profits, which would send stock valuations lower.

But on Wednesday stocks took a holiday from those concerns and sent equities rocketing to new highs.

The positive view began to wane Thursday morning but recovered before posting a gain by the end of trading.

Domian said that historically the year after a bad year, like 1994, is a good year for the market. The fifth year in every decade is a strong stock market year, and the third year in a presidential term is a good year for the market.

He said investors can thank inexperienced investors, in part, for the growth of the market.

In 1993, people saw the stock market as their only choice for investments, and it then experienced a stagnant year in 1994. Now those investors are being lured away from the market by slightly higher CD interest rates. Investors who stick with it, Domian said, should see growth.

DOW'S 1,000-PLUS

INDUSTRIAL AVERAGES

Topped 1,000 in 1973

Topped 2,000 in 1987

Topped 3,000 April 17, 1991

Topped 4,000 Feb. 23

Hit 4,465.14 Wednesday

Hit 4,472.75 Thursday