Stocks Edge Still Higher, Led by Blue Chips: Trade Slips to 4.5 Million
NEW YORK, May 2 (AP)ÛÓInvestment demand for an assortment of blue chips pushed the stock market today to another of its series of new 1963 highs, but activity was beginning to drag.</br></br>Volume dipped to 4.48 million shares from yesterdayÛªs 5.04 million, a sign that trading was mainly in the hands of professionals and institutions and that the ÛÏpublicÛ was still not participatng on a broad scale.</br></br>The news background still seemed favorable although there were some soft spots. The trend was higher for rail carloadings, auto output, and machine tool orders. Unemployment rose in mid-April, however, and it was also reported that department store sales in April dropped below the March record.</br></br>Stock prices were mixed at the start, gradually assumed a slightly higher tone, and held near their best, on balance, in late dealings.</br></br>The Dow-Jones industrial average rose 1.42 to 721.09 and Standard & PoorÛªs 500-stock index advanced .20 to 70.17, both to new highs for the year.