Rally in Closing Hour Pushes Dow Up 14.56 : Blue Chips, Technology Issues Pace Broad Gains

The stock market went back on the offensive Thursday, rallying from a setback in the previous session with the help of renewed weakness in oil prices and declining interest rates.

Most of the gains came in a busy final hour of the session, which left the composite ticker tape running several minutes late at the close.

The Dow Jones average of 30 industrials climbed 14.56 to 1,672.82, recouping most of Wednesday’s 20.52-point loss. The average showed a decline of about 2 points heading into the last hour of trading.

Volume on the New York Stock Exchange came to 139.74 million shares, against 152.03 million on Wednesday.

Blue chips and technology issues leading the advance included International Business Machines, up 1 5/8 at 159 1/8; General Electric, up 1 5/8 at 76 5/8; Merck, up 2 3/8 at 150 3/8, and Procter & Gamble, up 1 at 66 3/4.

Singer Makes the List

Home-building stocks were strong following Wednesday’s word of a 15.7% increase in housing starts last month to their highest level in almost two years. Kaufman & Broad gained 1 3/8 to 23 1/2, Ryan Homes 1 to 32 5/8, U.S. Home 7/8 to 6 3/4 and Jim Walter 1 5/8 to 50 1/8.

Singer made the list of new 52-week highs, up 2 1/8 at 48 7/8. The company plans to spin off its sewing machine and furniture businesses.

On the downside, Toys ‘R’ Us dropped 1 to 34 1/2 as a brokerage firm lowered its rating of the stock.

Large blocks of 10,000 or more shares traded on the NYSE totaled 2,653, compared to 2,894 on Wednesday.

Advancing issues outnumbered declines by more than five to three on the Big Board.

In the credit markets, long-term government bond prices wound up the session with impressive gains. Interest rates made minor movements.

Corporate issues rose modestly, while municipal issues sagged.