Financial Times 25r 06a
After a wild burst of buying in the last fow mimtes of trading, Wall Stroct yesterday staged its biggest single day recovery since May 29. The Dow Jones industrial average rose 22,43 from its low point of the day and registered a final gain on the session of 18.62. at 576,68.
Trading Wlume amounted to 6.7.m. shares, 610,000 more, and the ticker tap: ran nearly one hour behind transactions most of the day, When the tape finally did catch up , Mir. Kruschev's reported suggestion of a Summit mesting produced a surge of buying orders, which included a substantial amount of covering by short sellers. Prices, however, closed slightly below their highs and on the pacific coast stock exchange, stocks fininshed well below Wall Street's closing levels. Quieter and calmei conditions prevailed in London yesterday and their was no repetition of the big falls of Monday and Tuesday. But the market was still apprehensive while waiting for further developments in the Cuban situation.
The industrial ordinary share index fell only .7 to 263.73 on Monday, the fall was 5.9 and on Tuesday 7.8. Gilt-odged however, were still very dull, with losses up to 15s. HEquitics were stsady at the opening, but gave way a little on renewed small selling. Jobbers reported more two-way business than on Tuesday. There was a general decline in equities on Buropean Bourses yesterday. Bonn, Zurich, Amsterdam and Iiilan were weak, and Paris and Vienna also lost ground.
Demand for Gold in London was again very big yesterday, though not Quite on Tuzsday's scale. The doller price was raisd@ another cent to $ 35.219-20 an ounce, the best lovel since November 16 last. Tho Bank of Dngland again provided metal to meet the buying. Gold coins were still rising. In London the sovereigh rose 10 Cents to $9.99 — $10.0¢ and in Paris the Napoleon rose to Frse 43.30. Silver was unchanged in both London and New York,
Weakness of the German Mark was the feature of Foreign ~Exchanges in their dealings. It feil sharply against Sterling, dcllars and the majority of the Continental currencios, But Sterling and the dollar were aiso lower against most othor currencies apart from the mark. Tho pound-dollar rate was unchanged at $2. 80%. After Tuesday's sharp rises, prices on the London Metal xchange fell back yesterday, but most other major commodities continued to move forward. Sugar rose by £1 a ton to £30 a ton, and oils and seods went up by £2 a ton in many cases. Rubber also improved further but in coffee and cocoa the rises were only slight. Rather more encouraging interpretations of the political crisis , and reactions on several of the New York markets, wero the main reasons why most prices failed to maintain Tuesday's rate on increase.