Steel Hopes Spur Active Rally in Stocks: Electronic Issues Soar
NEW YORK, Oct. 26 (AP)ÛÓInspired by signs of a break in the 104-day steel labor deadlock, the slock market rallied vigorously today on the heaviest turnover since Aug. 10.</br></br>The decision of Kaiser Steel to break ranks with the major steel makers and conduct separate negotvations with the union was looked upon by Wall Street as the beginning of the_ end of the long and damaging walkout.</br></br>In the early stages of the rally, steels, motors and rails moved forward solidly but these faltered on profit taking as the session wore on. Steels were irregularly higher at best, while the rail section turned spotty.</br></br>Electronics, which had been up from the start,ran away with the show, bettering their gains in a final burst of buying. The Big Three motors became mixed but American Motors and Studebaker-Packard went on from strength to strength.</br></br>The AP 60-stock average rose $1.40 to $222 70 with the industrials up $3.00, the rails up 10 cents and the utilities up 20 cents