Stocks Tend Upside in Uneven Trading: Little Change in Averages
NEW YORK, Dec. 27 (AP)ÛÓScattered reinvestment demand'poked its head above a welter' of yearend transactions today and an irregular stock market ended with a slight statistical gain. Trading was quite active.</br></br>Gains and losses ranging from tractions to a point were the general rule for key stocks, so there was little change in the market averages.</br></br>Of the 1235 issues traded, gainers outnumbered losers by the narrow margin of 501 to 498. New highs for the year totaled 25, and new lows 10.</br></br>Hopes of the traditional Christmas-to-New YearÛªs rally were present, but so were a variety of tax transactions. Today was the first day to sell so that profits would appear in 1961 tax returns. A number of cash sales and sales for "next dayÛ delivery were made to establish profits for 1960 tax purposes, as the regular ÛÏfour-dayÛ delivery method for this expired on Friday, so far as this year is concerned.</br></br>The news background included a forecast of steel output at the lowest level this year, a rise in living costs and a pledge of an accelerated space program on behalf of the Kennedy Administration.