''I think the Dow could set a new record before the inaugural of Ronald Reagan next Jan. 20,'' said William M. LeFevre, investment strategist for Purcell, Graham & Company. ''Although interest rates have been rising sharply, the stock market seems to be saying it will accept some near-term pain on the rationale that rates are close to a peak.'' This year's closing low for the Dow was 759.13 on April 21, when high interest rates acted as a depressant on stock prices. Also contributing to the market's strength was a Federal Reserve report, released yesterday, showing that growth in the nation's money supply in the latest reporting week was below the expectations of money market economists - a factor regarded as favorable for stocks, since it might obviate credit-tightening action by the Fed. ''Some peop le say Dow 1,000 is a magic figure,'' Mr. LeFevre declared, ''b ecause shortly after it gets that high it vanishes.''
Full text: New York Times, Nov 19, 1980
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