Dow Jones Up 7.37 As Market Rallies In Hope of Phase IV: Dow Gains 7.37 Poinls; Volume High
NEW YORK, July 18 (AP)ÛÓThe stock market rallied this afternoon in a broad advance, with brokers saying that investors took heart in the after -close announcement of Phase IV guidelines.</br></br>The Dow Jones average of 30 industrials finished the day ahead 7.37 at 905.40. On a day which began with a carry-over of TuesdayÛªs fading rally, the Dow opened lower only to drift upwards over 8 and then dip to a close.</br></br>The Amex price change index rose .12 to 22.98, with advances topping declines by 554 to 278 among 1,121 issues traded. Volume was 2.72 million shares.</br></br>ÛÏThe market view is that the stronger Phase IV is and the more viable it looks as an effort to control inflation, then the more likely it will be to relieve fear in the market of a monetary crunch similar to 1969-70,Û said Monte Gordon of Dreyfus Corp. Gordon said further controls would relieve the Federal Reserve as the ÛÏonly bastionÛ against inflation.</br></br>Primary news in the market today was a lower dollar again in Europe, the spending prime-rate increase, and, of course, anticipation of Phase IV. Treasury Secretary George P. Shultz announced the latest economic game-plan at 4:30 p.m. after the marketÛªs close.