Recovery In Wall Street Continues

Press, Volume CI, Issue 29838, 2 June 1962, Page 11

Recovery In Wall Street Continues

(W.Z. Press Association— ■ Copyright) NEW YORK, June 1. The New York stock market carried its surging rally through a second consecutive session yesterday and more than recovered its crushing losses of earlier in the week.

A world-wide avalanche of buying orders sustained the recovery after an interruption for the Memorial Day holiday. Hie market resumed its Tuesday afternoon advance at a swift pace, losing only

part of its momentum as profit-makers who bought on the slide on Monday and Tuesday morning stepped In to cash their gains. Brokers said the enthusiasm to buy had—at leas: for the time being—wiped out the panic that triggered the worst slump since 1929. But with profiit-tiking appearing. the trial ahead was not clear. An estimated 7900 million doUars was added to the quoted value of stocks listed on the New York Stock Exchange. With Tuesday's gain of 12,900 million dollars the two-day total of 20,800 million dollars exceeded Monday's 19.500 million-dollar loss. The Associated Press 60stock average jumped 5.40 to 225.50, surpassing last Friday's closing figure of 224.60 The Dow Jones average of 30 industrials posted a gain of 9.40 to 613.36, putting it ahead of the pre-plunge level of 611.88. The latest AP. index is 14.1 per cent, below its 1962 <February 15) peak and the Dow Jones index 15J per cent, below its (January 3) peak. Trading volume was 10.710,000 shares. After trading opened with huge blocks —including 100.000 shares of American Telephone brokers guessed that the volume might soar to 16 million shares, which would have been second only to 16,410030 traded on October 29. 1929. the “black Tuesday" of the market's greatest crash.