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Still hopping! Stock prices zoomed ahead this week, with today’s jobs report fueling hopes that the Federal Reserve might soon end its long string of rate hikes. As of tonight’s close, the Dow industrials are less than 150 points from their all-time high, set more than six years ago.
There aren’t a whole lot left in this bubbly stock market. In recent weeks, prices for most stocks have run up far enough to reflect any reasonable prospect of earnings improvement for 2003 — and in some cases, for 2004 as well.