Late Profit-Taking Reduces Stock Gains: Dow Average Nears Peak
NEW YORK, March 22 (AP)ÛÓThe stock market held onto a moderate gain today in the face of late profit-taking.</br></br>Rails, which yesterday reached their highest level since February 1960 on the Dow Jones average, again injected vitality into the general list but as their gains were shaved their influence on other issues waned.</br></br>Small gains were sufficient to push the Associated Press average .60 to 245.70, a new record high, with the industrials up .20, the rails up 1.40 and the utilities up .10.</br></br>Motors moved up for a while after Chrysler Corp. and Ford Motor Co. predicted an upturn in the automaking industry, but ended mixed.</br></br>Of 1306 shares traded, 563 advanced and 537 declined!- There were 173 new 1961 highs and six new lows.