Wall St. Responds To Cut In Margins
(N.Z Press Association—Copyright)
NEW YORK, July 10.
The New York stock market advanced vigorously today as active buying developed in response to the easing of credit restrictions on security purchases Prices shot ahead in the first hours of the session, then faltered. Advances of one to two points a share were retained by many pivotal issues at the close. Dow Jones averages closed at 386.01—up 5.19. A strong reaction to the lowering of margin requirements to 50 per cent, from 70 per cent, had been expected by market experts, the American Associated Press reported. The reduction, after two years at the 70 per cent, level, was disclosed after the close of the
market yesterday. It meant that buyers could pick up listed securities by paying one-balf their price, borrowing the remainder. Under the old rule the cash payment had to be 70 per cent.
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Bibliographic details
Press, Volume CI, Issue 29872, 12 July 1962, Page 15
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151Wall St. Responds To Cut In Margins Press, Volume CI, Issue 29872, 12 July 1962, Page 15
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