Bid Rally Pushes Stocks to All-Time Peak: Dow Industrials at 650
NEW YORK, July 1 (AP)ÛÓThe stock market advanced vigorously todaj> with high quality industrials setting the pace.</br></br>The Dow-Jones industrial average rose 7.28 to a record 650.88, topping the previous closing high of 643.79 reached May 29.</br></br>Standard & PoorÛªs 500-stock index rose .50 to 58.97, exceeding the record 58.68, also reached May 29.</br></br>For the previous two days the Dow industrials have been pushing against the May 29 ceiling, topping it in the course of a dayÛªs trading but always falling below it by the market close. It was different today. They broke through decisively.</br></br>The market rise was due primarily to technical reasons, brokers said, although the general run of business and economic news remained good. A lot of stock has been for sale at the high levels represented by the May 29 tops, Wall Streeters said, and it took time to absorb these offerings before prices could respond to increasing demands.