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After a sluggish start, the market chalked up a 30.74-point gain on Wednesday , the largest in more than seven months, when Chairman Volcker quieted fears of tighter money and higher interest rates. Volcker said the Fed would try to hold M-1 growth to a 5- to 9-percent range for the rest of the year (compared with 4 to 8 percent in the first half).

As many investors hung back on Friday awaiting the latest money supply report , the Dow Jones industrial average topped off its midweek gains by closing up 38 .86 points for the week, at 1,231.17WS

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