Airlines Spark Late Recovery in Stocks: Deals Heavy in Last Hour
NEW YORK, June 9 (AP)ÛÓAirlines and a variety of other issues which have been battered recently paced a fairly vigorous stock market rally today.</br></br>The list, which has been perched just a shade above the significant 800 level in the Dow Jones industrial average, rallied technically as offerings dried up and short sellers covered their contracts.</br></br>Although trading was heavy in the final hour when prices were making their biggest gains, volume for the day remained at a mediocre 4.48 million shares.. This, however did top yesterdayÛªs small 4.01 million shares.</br></br>The business news background was good. A report of sharp increases in traffic for May helped Pan American World Airways, up 4V2, and Trans World Airlines, up 2%. The buying spread to other airline issues. Western Airlines was among the volume leaders and gained 2%. American rose 2%, United 2%, and Eastern 1%.</br></br>An increase in aluminum ingot prices looked to Wall Streeters as if it would stick. Alcoa gained 1%, Kaiser Aluminum 1%, Reynolds Metals 1 and Aluminum Ltd. 1.