Wall Street Scene (1)
Passage of a budget by the House of Representatives ignited a rally on Wall Street.
After crawling along all week near their 1982 lows, stocks soared on Friday morning in reaction to the budget vote. Some 25 million shares changed hands in the first hour of trading and the Dow Jones industrial average jumped 10 points. By the close of trading, the Dow was up 11.03 points, closing at 809.74. The gain for the week was 4.76 points. The budget vote also set off a rally in the bond market, since investors were relieved that some of the uncertainties surrounding the budget were finally resolved.