Steels Lead Broad But Spotty Advance: Science Issues Again Slip
NEW YORK, June 3 (AP)ÛÓSteels spearheaded a broad but spotty stock market advance on the heels of news that two Federal Reserve banks had lowered the discount rate. Trading was active.</br></br>.Motors joined with steels during most of the session but late profit taking trimmed their prices. Many others of the cyclical stocks which have been "oversold-' of late participated in the advance. These included oils, rails, and nonferrous metals.</br></br>Electronics, aircraft-missiles, and other darlings of the speculative buyers endured another spate of profit taking, showing losses of several points.</br></br>The drop in Whc discount rate from 4 per cent to 3Û÷a per cent in the Federal Reserve District Banks at Philadelphia and San Francisco had its most bullish effect on the market in corporate and l:. S. Government bonds. Only a scattered effect was noted among "yield" issues traded on the big board although some high grade preferred issues responded.</br></br>1.11	to 628.98. The Associated Press average of 60 stocks rose .40 to 216.30 with the industrials up .10, the rails up 1.20, and the utilities up .10.