You pick up the newspaper and the temptation starts.

"Dow Hits 5,000 As Bull Market Roars On" reads the headline.You think: "How do I get in on this?"

As America's non-investors ask themselves this question and wonder if they've already missed out on the big money, stock pros are telling people what they always have. It's never too late to get into the stock market, as long as you're prepared to stay there for a long time.

Over prolonged periods, stocks consistently have beaten out bonds, certificates of deposit, money market funds and other comparatively stable investments.

But shareowners must avoid the temptation to sell during the inevitable downward moves, known on Wall Street as corrections. History shows stocks often take a dip after hitting milestones like 5,000 as people who are already in the market take their profits home.

"A new investor should put his money in and not pick up a newspaper," quipped James Solloway, director of research for Argus Research in New York.

Seriously, "If a person has plans to retire or put children through college, the only way to achieve those goals is by taking some greater risk - understanding that time is a great ally and even if prices were to move lower from here, five years from now they should be substantially higher," he said.

If a correction is coming there was no sign of it Wednesday. The bull market that pushed the Dow Jones industrial average through the 4,000 and 5,000 point milestones this year continued, with the index gaining an additional 18.06 points to close at 5,041.61.

Despite the market's lofty levels, many analysts say fundamental economic conditions are ripe for a continued rise. Moderate economic growth, low inflation and low interest rates have kept corporate profits rising steadily. Mutual funds, which pool shares of different companies together to curb risk, continue to grow rapidly as average Americans join with pension funds and other institutional investors in a buying spree.

Still, unexpected events like a Persian Gulf War or an Arab oil embargo can shock a market downward and keep it there for many months. So analysts caution those who may need to withdraw their cash in a year or two from investing too heavily in stocks.

However, even if the 5,000 level ends up as the market's latest plateau, a recent study shows those willing to keep their money invested can still do well, said Steven Norwitz, vice president T. Rowe Price Associates Inc., a Baltimore mutual fund company.

The Price study showed if you invested $2,000 in the companies of the Standard & Poor's 500-stock index at its highest level each year for the past 25 years, your account would still have been worth about $333,000 this June. That represents a respectable annual return of 10 percent.

"So, if you're investing for the long term you shouldn't be too concerned about the level of the market today," he said, offering the standard industry disclaimer that past performance is no guarantee of the future.

There are several classes of conservative mutual funds that new investors can choose to get into the stock market and minimize risk.

Index funds, which buy stocks in direct proportion to well known stock indexes like the S&P 500, offer a diversified investment in major corporations that shields the investor from declines in any particular business sector.

Equity income funds invest in blue chip companies that have relatively stable prices and pay generous annual dividends even if their share price declines.

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Another alternative is what's known as an asset allocation fund, which keeps roughly 40 percent of the money in stocks, 40 percent in bonds and the rest in short-term investments like CDs.

"For somebody getting started this is a cautious way to stick your toe in the water," said Jody Lowe of the Strong Funds in Menomonee Falls, Wis.

Jane Jamieson, a spokeswoman for Fidelity Investments in Boston, another big mutual fund company, suggested new investors can get into the market gradually, perhaps transferring a set amount from their checking account into their mutual fund every month.

"That way they're not making all of their investments when the markets are at their highs or conversely when they're at their lows," she said.

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