Spotty Recovery Halts 5-Day Stock Slide: Steels Pick Up Strength
NEW YORK, Sept. 29 (AP)ÛÓThe stock market mads a spotty recovery today, snipping off a string of five straight daily losses. Trading was moderate.</br></br>The final statistics rendered the verdict of a higher market; but from all appearances it was an irregular list. Throughout the day, prices pursued a wobbly course, starting mixed, nudging to the upside on balance, settling .back again, then firming toward the end.</br></br>The market was still searching for a firm bottom from which to mount a rallyÛÓand when it rallies, some analysts said, it will be a big one.</br></br>Wall Streeters noted that the news background had a cheerier aspect. Machine tool orders for August topped the previous month for the first time since March. Auto output was scheduled to rise. Treasury Secretary Robert B. AndersonÛªs optimistic statement of yesterday reached a wider circulation.</br></br>Steels picked up strength late in the afternoon and it caught on here and there in other groups. Aircrafts, drugs, electrical equipments and nonferrous metals were mostly higher. Several oils responded to investment demand and did quite well. Cities Service and Kerr McGee rose 1V4 each. Richfield tacked on 2%.