Stocks Rally, Record Gains Up to 2 Points
NEW YORK. Sept. 1 MWThe stock market bounced up smartly today after dipping yesterday to a new low for the year.</br></br>The market started narrowly mixed and then improved slowly. In the afternoon the pick up in prices quickened and then continued to the close. There was, however, a letdown here and there in the list just before the bell.</br></br>The rebound today was anticipated on the basis that recovery very often follows a sustained fall after climactic selling of the kind encountered yesterday.</br></br>The market has been in a downward trend for the past two weeks. The movement is interpreted as the marketÛªs adjustment to the lower business rate anticipated by Wall Street the remainder of this year and next.</br></br>The Associated Press average of 60 stacks gained 70 cents. It lost $2.20 yesterday. It now stands at $103.10. The industrial component of the average advanced $1.00, the railroads advanced 90 cents, and the utilities advanced 10 cents.