Dow Average Tacks on 7.40
NEW YORK, Uct. 8 (AP)ÛÓ Hopes for lower interest rates and indications that some federal officials may be leaning toward helping New York City took stock prices broadly higher today.</br></br>Leading the dayÛªs advance were higher priced glamors and blue chips. Airlines, oils and retail chains also showed strong gains.</br></br>Brokers said optimism has been building on Wall Street that the Federal Reserve ha^ decided io ease up on the nationÛªs money supply, meaning that interest rates may fall; '</br></br>And among numerous new developments affecting the New York City situation, Fed Chairman Arthur Burns discussed with Congress possible legislation that might help the city avoid default.</br></br>Glamor issues led the rest of the market today, with IBM ahead 4 to 205 >4, Digital Equipment 5 % to 130 %, Johnson & Johnson 2 % to 84 %, and Texas Instruments 2%