Stocks Steam To 1951 High, Led by Rails
NEW YORK, May 3 (^.ÛÓOutstanding strength in the rails brought on a buying drive today that pushed the stock market to a new high for the year.</br></br>There was some hesitancy in the list about midway of the session, but'it was smothered hi the final hour when virtually every major group plunged forward.</br></br>by steels, chemicals, copper mining issues, and a long list .of individual issues, including pharmaceuticals.</br></br>The Associated Press average of! 60.stocks jumped $1.20, the biggest advance in a month, and closed at $97.80. That tops the previous high of the year of $96.90 attained February 10, arid it is the best since September 23, 1930, j when the average stood at $98.20.</br></br>The industrial compdnent of the average was up $1.10, also at a new high for the year. Rails advanced strongly by $1.70, but a considerable distance remains to go before a new 1951 high is reached. Utilities put on only a dime.