Stocks End Higher Despite Profit Taking: Trading Pace Quickens
NEW YORK, July 22 (AP)ÛÓStock market prices swept higher again today amid lively trading. A flurry of late profit taking could not restrain the market from stretching yesterdayÛªs gains.</br></br>Motor, aircraft, electronics and aluminum shares featured the advance which added fractions to a point or so to key Issues.</br></br>Steels, a pacesetter in yesterdayÛªs upswing, sloughed off a bit but still managed to ring up some gains.</br></br>Trading, which again quickened as the market advanced, moved at the fastest rate in more than a week. In all, 3,310,000 shares changed hands against 2,950,000 yesterday.</br></br>Investor interest was promoted by such market stimulants as a flock of rosy corporate earnings reports and news the cost of living hit a new-high in June, brokers said. The market spurted ahead in early trading and then coasted a bit lower until mid-afternoon. Some stocks inched higher before the profit taking set in near the close. - The Associated Press average of 60 stocks advanced 80 cents to $231.90 with industrials adding $1.20, rails 50 cents and utilities 30 cents. The Dow Jones industrial index ran up 2.90 to reach a new peak of 664.38. Eleven of the 15 most active stocks pushed higher. Three receded and one ended unchanged.