STOCKS RISE SHARPLY
BULL MARKET IN NEW YORK HEAVY SATURDAY TRADING (Rec. 8 p.m.) NEW YORK, May 15. The New York stock market rose sharply yesterday, and leading shares gained from one,to nearly seven dollars as an avalanche of buying orders swept on to the exchange floor. The high speed quotation ticker fell three and four minutes behind actual transactions for extended periods during the day, and was behind most of the last hour. Many investors who trade according to chart indicators hailed the upward surge as the arrival of a bull market Gains for the day added more than 1,000,000,000 dollars to the total market value of listed stocks. The market opened to-day on the heaviest Saturday trading in nine years. Initial gains generally were small, and final prices were up only a few cents to about one dollar a share. At times, prices advanced by two dollars a share. The turnover to-day was 2,590,000 shares, which was the highest for a Saturday session since July, 1939. To-day’s transactions added about 500,000,000 dollars to market values. Yesterday’s boom was largely professional, but to-day the board rooms were crowded with little traders. Thia indicated an overnight leap of public interest. Jubilant traders consider that a bull market really is under way.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19480517.2.104
Bibliographic details
Press, Volume LXXXIV, Issue 25496, 17 May 1948, Page 7
Word Count
211STOCKS RISE SHARPLY Press, Volume LXXXIV, Issue 25496, 17 May 1948, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in