Heavy Trading Pushes Stock Averages Higher: S & P Composite Up Most Active Climb
NEW YORK. July 8 ÛÓ Chomping at the bit after four days away from the ballyard. Wall Street traders rushed into the stock market today and propelled the list to aÛª broad advance in heavy trading.</br></br>Tclociyne was ahead 3 If: to 120'.a. Burroughs jumped six points to 207, Scientific Data Systems was up 4::k to 106 Vs, IBM lacked on seven points to 365 and Litton, helped by a favorable newspaper appraisal, added Vh to 827åÇ.</br></br>Despite the four-day holidayÛÓthe longest continuous shutdown since May. 1961ÛÓit was the memory of last WednesdayÛªs surprise rally that took most of the credit for the buying. Analysts said the upturn and the lack of disappointing news over the weekend started sugar plum visions of a big summer rally dancing in tradersÛª heads. The result was a helter-skelter rush into all kinds of stocks in the morning with some pruning evidence later on.</br></br>The Dow Jones industrial average chalked up most of its gain in the first two hours of trading, but then doggedly held on to all of it until the close. At the bell, the average was ahead 9.09 points and stood at 912.G0.</br></br>Standard & PoorÛªs 500-stock composite was up 1.03 points to 101.94 and the New York Stock Exchange index rose 0.60 point to 57.48.