Triple Play

The stock market polished off a dazzling 2003 last week as the Dow Jones industrials, the S&P 500 and the NASDAQ composite all ended the year in solidly positive territory for the first time since 1999. Most market strategists are looking forward to another finish in the black in 2004, but many warn that by midyear, stock prices may start losing steam as the tax-cut stimulus effect wears off — especially if the Fed raises interest rates. As the economy continues to grow, the fear of inflation — or the thing itself — could also dampen stock prices. A few market watchers think the S&P 500, a popular gauge, could end 2004 flat or even down modestly, but most strategists predict that the index will gain in the upper single or lower double digits by year-end.