Dow Is Ahead 4.16: Stock Market Posts Gain After a Late Turnaround
NEW YORK (AP) ÛÓ The stock market turned around abruptly yesterday and headed upward in a late-aftemoon rally.</br></br>The Dow Jones index of 30 industrials, down by more than 5 points in the morning and ahead by only 1.56 a half-hour before the 4 p.m. close, finished the day up 4.16 at 889.21. Gainers outnumbered losers by about 3 to 2 among New York Stock Exchange-listed issues. Volume on the NYSE totaled 34.29 million shares, up from MondayÛªs 33.35 million.</br></br>In the last hour of trading, volume on the Big Board came to 6.51 million, well ahead of 5.38 million in the final hour Monday.</br></br>Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, amounted to 38.87 million shares.</br></br>Profit taking Monday eroded some of last weekÛªs sharp gains, but William Lefevre at Granger & Co. was looking yesterday for steady price increases through the rest of 1978 as institutional buying picks up.