Active Trading Pushes Market Prices Higher: Dow Moves Ahead
NEW YORK, Nov. 16ÛÓ It took two separate rallies ÛÓand surprise for some of the bearish tradersÛÓto pull it off, but (lie stock market put two rallies back to back today.</br></br>An active carryover of WednesdayÛªs rally gave way to profit-taking around noon and, for a while, it looked as though another abortive turnaround attempt was shaping up. But about an hour before the close, prices turned upward again in active trading and pushed prices broadly higher.</br></br>The only news to account for the switch was the ExchangeÛªs announcement that the short interest report, due out alter lire close on Sunday, will be published tomorrow, instead. Exchange officials explained that Nov. 15, the normal settlement date for reporting the short interest, was not a clearance date this month. The Exchange lias rearranged some clearance dales to give members time to catch up on paperwork.</br></br>were 876 issues ahead on the day, while 385 declined. On Wednesday, 617 stocks gained and 647 lost ground. New highs jumped to 22 from four and new lows fell to 43 from 98.</br></br>The short covering was most evident in glamor stocks. IBM, for one, jumped 15 points to 610 and hit a new high at 612. Xerox clambered ahead lOte points to 284Vi, Polaroid tacked on 1354 points to 229, Itek was up 65s to 138Vs and Control Data was up 3Vs to 142 Vi.