Big Inventory Cuts Help Stocks Forge Broad-Based Rally
NEW YORK, May 9 (AP)ÛÓThe stock market forged a broad-based rally today, with spirits lifted by news of a massive inventory reduction in March.</br></br>The Dow Jones average of 30 industrials gained 9.63 to 850.13, climbing steadily throughout the session.</br></br>The main source of encouragement appeared to be a government report as the market opened that business inventories fell a record $1.92 billion in March. On the surface, the figure showed that business activity had slowed markedly from previous months.</br></br>But Wall Street chose the bullish interpretation that businesses must reduce their swollen stocks of unsold goods before dn economic rebound can get under way.</br></br>There were J.084 gainers on the New York Stock Exchange, and 429 losers of fH*>ck842idå©&eehåÈtiaåÇl. 1-31 to båÇt8Haari8å¨&l,-vPtbPsrnsoflset,s good showing. ÛÏI wonder if the market hasnÛªt gone from extreme pessimism to over-optimism," said analyst Alan