Advance in Stocks Equals Year's Best: U.S. Bonds Surge Ahead
NEW YORK, July 29 (AP)ÛÓThe stock market surprised the experts today by rallying for the second straight session, posting a gain equal to this year's best. Trading was moderate.</br></br>Experienced Wall Streeters had reckoned on only a temporary advance following the lowering of margin requirements to 70 per cent from 90 per cent, then a resumption of the previous decline.</br></br>It looked as if the predictions were right when prices were mixed in dull early trading following yesterdayÛªs advance. Instead of declining to another ÛÏtestÛ of the yearÛªs lows, the market held firm and nervous ÛÏshorts" began to cover their contracts. As prices firmed, new buying came into the market. Prices surged to their best of the day by the closing bell.</br></br>U. S. Government bonds scored their best one-day advances in months. Many issues closed more than a full point higher and reached 1960 highs for the third or fourth straight day.</br></br>The strong showing followed the TreasuryÛªs disclosure of terms for the August refunding late yesterday. The advance stamped the marketÛªs approval on the de-