Fifth Straight Rise Scored by Market: Holiday Influence
NEW YORK, Sept. 15 (AP)ÛÓThe stock market recovery drive won a lot more credibility for itself among market technicians today as it stretched its string of advances to five straight. Trading was moderate. Volume was 6.15 million shares compared with 6.25 million yesterday.</br></br>The Dow Jones industrial average advanced 8.07 points, or 1 per cent to 814.30, putting it further, above the psychologically important 800 level, which it vaulted so surprisingly on Wednesday. The Dow index now stands 5 per cent above its readiiig of a week ago.</br></br>The question of credibility ÛÓ or just plain belief by enough investors that stock market prices will he going up for a while, anywayÛÓhas boiled down to the numbers in the averages.</br></br>As Robert H. Stovall of E. F. Hutton & Co. put .it: ÛÏStocks are continuing to do well in a reasonably broad and active market, considering the semi-holiday atmosphere (a reference to the Jewish high holy day of Rosh Hashanah). The intermediate uptrend is the 840 to 860 area in the Dow Jones industrials. This is still some distance away and it is doubtful that it will be reached in a straight line advance.Û</br></br>An Indicator Digest put it: ÛÏIf the industrials succeed in landing squarely into the 800s at any dayÛªs close, and if the. rails confirm this by closing at 202 or higher, the new upswing will be clearly established and should then go on to at . least the next supply area between 840 and 860.Û