Stocks Rally After Brief Selling Wave
NEW YORK, Jan. 16 UP).ÛÓA selling flurry that uncovered a brief phase of acute weakness today in the stock market was followed by a recovery that erased a considerable portion of the loss.</br></br>The fall was tied in to'a number of developments. Prime among them was the raising of the rediscount rate by the Federal Reserve to 2 percent from 1% percent.</br></br>Trading started briskly with prices unchanged to lower. An easier tendency soon developed, and just after the start of the third hour the selling broke loose.</br></br>The high speed ticker tape fell behind for 16 minutes in reporting actual business being done on the floor of the New York Stock Exchange. At the most it was two minutes late.</br></br>When the selling had spent itself the market became quiet, and then it began a slow recovery. Some key stocks regained as much as half of their worst loss. NearMhe close a few plus signs popped into view.