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The Daily Dow WOODSTOCK, N.Y. (October 4): Up, up and away, it's a wild and crazy Dow day, closing at a record-breaking 5992.86, a mere lucky throw of the dice away from a bullish dream come true. And this morning on CNBC, I could have sworn I heard someone predict the Dow would reach 7,000 in 1997. Why, even our beloved bear Jimmy Rogers admitted (under no physical force) that the bull market may go on for another 6 years. And to think that all these market miracles occurred because the September jobless rate was higher than expected and the economy lost 40,000 jobs.
But do I care? Am I exploding from excitement? No way. Because I know that while today the future looks bright and unstoppable, I cannot predict what tomorrow may bring. Which is why I've chosen the Dow Dividend approach, a method which has averaged an annual return rate of a market beating 22.23%, to be the basis of my stock portfolio.
Besides, when I look at our Foolish Four, I notice that all the news regarding our stocks came from overseas. Singapore, Japan and Kazakstan, places where my companies are surely creating many new jobs, are the locales of import to our holdings today.
Leading the charge was DuPont (DD), closing up $3. And why? Because our man in Singapore, Managing Director Paul Larson, said "We're making money out here, and we're happy about how things are going." Making money? Happy? Oh, baby, that's my kind of company.
Also from Singapore comes news from Chevron (+$3/8). Well, er, sort of, if you consider naming a tanker after one of our board members news. But it was a ceremony, a party, so everyone must have been happy. And in other CHV news, they opened their only brand-name service station outside North America in Kazakstan today. Another celebration. Happy? Making Money? Oh, baby, that's my kind of company.
And Japan made Eastman Kodak (+$1/4) happy today by accepting the U.S.'s request for holding bilateral talks on business practices in the Japanese film market. Both MMM (+$1/4) and IMN (+$1/8) were happy stocks on no news.
Enjoy your weekend everyone. We couldn't have had a better finish for the week. And in closing, here's a little ditty to keep you happy until Monday, when my esteemed colleague, the Man from Dow, returns to his helm.
"My boy...always try to rub up against money, for if you rub up against money long enough, some of it may rub off on you." --Damon Runyon
Transmitted: 10/6/96 Today's Dow Numbers
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