Stock market takes broadly upward swing
New York — In one of the heaviest trading sessions in months, the stock market was moving broadly higher Tuesday afternoon, with institutions flocking to securities before a big move slips away. The Dow Jones industrial average, up more than 6 points at the outset following Monday's 14.42-point surge, was ahead 4.35 points at 909.89 around 3 o'clock Eastern daylight time. Monday's close was the highest since 907.74 on Sept. 8, 1978.
Institutions have taken an aggressive position lately because they don't want to miss a major more. They have been encouraged by sharply declining interest rates. Investors appear to be taking the attitude that the recession has become manageable and that the government will provide a tax cut for early 1981. President Carter has resisted the notion. But Ronald Reagan, his likely opponent in November, is for it.