Stocks Push Higher on Senate Tax Bill Vote: First Plus Day of Week
NEW YORK, Sept. 6 (AP)ÛÓThe stock market scored its first post Labor Day advance today but the issue wasn't settled until the final 90 minutes of trading.</br></br>The gains were far from overpowering and there were numerous losers As measured by the market averages, the advance was only about half yesterdayÛªs loss.</br></br>But this was enough to lift the Dow-.Jones industrial average above the 600 pointÛÓthe level considered so important by the market technicians. YesterdayÛªs slip below 600 was the first since Aug. 13.</br></br>Late in the afternoon the Senate passed a tax revision bill containing a $1 billion tax cut incentive for business to buy new machinery and equipment. This brought renewed buying in the stock market, analysts said, and provided the push for the first plus day in the ÛÏnew business year," as the post Labor Day period is often called along Wall Street.</br></br>The volatile growth stocks, defense issues and electronics paced the upturn. The best gains were in the 5-6 point range and they were made by stocks that lost the most yesterday.