Stocks Pounded Again; Rally Cuts Losses: Dow Finds Support at 614
NKW YORK. June 9 <AP>ÛÓAnother late sellin;; drive pounded down stock market prices today but a late recover}- move greatly reduced losses.</br></br>Today's performance was an almost exact parallei with yesterday'sÛÓup to a point. On both days sluggish trading prevailed until the final half hour; then heavy selling, accompanied by a late ticker tape, got tinder way. Yesterday, the firming movement ioward the end was slight whereas today it was very vigorous, cutting some 4 or 5 point losses back to about 2 and in some csaes erasing big losses and establishing good gains.</br></br>The industrial average practically "followed '.lie book,Û as written by theorists who predicted support would be found around the May low of 614 in the Dow-Jones industrial average. The market sank lo that level about half an hour before the final gong, then held The Dow Industrial* closed ai 617.62. a loss of 4 00, but well above the worst of the session.</br></br>S220 90 w ith the ;r.d_*:r:a|s down S! 70. the rails down cents ar.d ir-.e utilities d-wn SI 40 to another new low f >r the year Tne retreat of the utilities ar. i other "yield'' type !*<ues re-emphasiaed t.-.e rro\e-mer.t toward higher interest rays m Govern men: bond*, officially spans "ted by the National Adm.r.istrati' r Volume was 3 49-'poo shares compared w ith 2.970.0yd ye*:eruay</br></br>Inspired by a boost Û¢ f aluminum production lo 3W per cent of rated capacity by Reynolds Metals, aluminums were steady to higher most of the day ar.d closed with solid gains. Reynolds r.-e 3'*. Alcoa, 2, and Kaiser Aluminum 2 åÈ.