Stock prices advanced today in a session of expanding trading, with sentiment appearing to be more friendly towards the market. However, caution continued to be exercised in most quarters. Price levels were the best recorded since January 21, with the volume of trading double that of yesterday. Gains ranging up to over 2 points were scattered throughout the list with the best level listed near the close.
Curb stocks closed higher, while the bond market also moved higher, with United States Government issues ruling irregularly higher. Foreign Exchanges presented an easy appearance.
By Courtesy of Swan, Culbertson & Fritz Lacking news items of sufficient importance to sway. the market either way, prices on Wall Street at mid-week recorded practically no: change, each day's session being characterized by the continued lightness of volume. Trading expanded noticeably, however, on Thursday and under the leadership of aircrafts, general advances were recorded, the averages touching the highest level since January 21.
Commodities, as measured by the Dow-Jones 1i Commodity Index, likewise moved in narrow day-to-day limits, bet quotations tended to move slightly higher. Wheat at both Chicago and Winnipeg partially recovered the previous week's losses due to some improvement in export demand, with corn inclined to follow the lead. Cotton was again under the dominance of Washington "developments, the market being almost entirely neglected by traders. Rubber sharply advanced as a result of the unchanged quota and encouraging consumption estimates. Hides and sugar moved only fractionally, both markets being devoid of buying interest.
Conspicuous among favourable business and industry reports were rising chain and mail order sales, improved automobile sales, increased steel activity more healthy conditions prevailing in commodity markets and the placing of additional foreign orders for aeroplanes.
The Banking Committee, according to a Washington dispatch, voted to extend the life of the Reconstruction Finance Corporation until June 30, 1941, but postponed consideration of extension of the Commodity Credit Corporation and the Export-Import Bank.
The market in figures:
Thursday Feb. 9 Feb. 16.-J. Average for Indust. 143.99 145.39 D.-J. Average for 20 Rails 30.00 D.-J. Average for 15 Utilit. 24.67 D.-J. Average for 40 Bonds 90.26 D.-J. 11 Commodity Index 46.
Commodity Prices:
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