Gain in Average Sets 30-Year Peak: Steel, Rails, Oils Rise
NEW YORK, June 11 (APIÛÓThe stock market this week mounted ifs greatest advance in more than 30 years amid forecasts of a fall upturn in business, signs of easier money and plans for big boosts in defense spending.</br></br>The market whcelhorscs. the badly battered and Û÷oversold'' steels, rails, and oils among others, came back into their own. The glamorous space age issues shrank into the background for a while but. on word of projected increases in spending for defense, these also posted gains.</br></br>8.20	to 224.50 for its biggest leap since the week ended Dec. 7. 1929. when the average recouped 8.40 of vast losses taken in the '29 crash.</br></br>The Dow Jones industrial average advanced 25.90 to 654.88, bringing its recovery to approximately one-third of the losses incurred from its historic high of 685.47 reached Jan. 5 to its 1960 low of 599.10 reached on March 8.</br></br>This percentage of recovery is a "classic'' amount, according to the Dow theory, and it now remains to be seen whether a test of intermediate lows will be successful and the market can be expected to mount an assault on its high.