Two classic market indicators seemed to point to an up market in 1988, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
"The Dow closed up for the month of January and the National Football Conference champion team won the Super Bowl," Katz said. "But what does the market do on Monday, Feb. 1? It goes down."
For the past week, however, continued enthusiasm over the prospects for lower interest rates pushed interest-sensitive stocks higher, as the Dow Jones Utility Average made new recovery highs, Katz said.
San Diego Gas & Electric was up $1.625 to $33.875, as it reported earnings of $3.28 per share, versus $3.42 during the prior year, which included a one-time, $.25 gain from the sale of its Energy Factors.