Price Report Sends Blue Chips Up 31
NEW YORK, Dec. 14-Blue-chip stocks tacked up strong gains today as news of moderate inflation eased fears that the Federal Reserve would increase interest rates again next week.</br></br>After losing more than 54 points last week, the blue-chip index has gained 55 points so far this week.</br></br>In the broader market, advancing issues outnumbered declining ones by about 2 to 1 on active trading of more than 354 million shares on the New York Stock Exchange.</br></br>A modest rise of 0.3 percent in NovemberÛªs consumer price index indicated the economy is growing steadily with only moderate inflation, analysts said.</br></br>A jump in the CPI would have increased chances that the Fed would raise interest rates at its policy-making meeting Tuesday, analysts said. The central bank has pushed up lending rates six times this year to curb inflationary pressures.