Dow Jones Industrial Average Soars to Record Closing Highs
The Dow Jones industrial average was up 9.63 to 1,315.14. The transportation average finished up 15.51 to 645.16. For the week, the Dow climbed 13.14. Broader-based indicators also moved higher.
Advances outpaced declines 1,044-553 among the 2,024 issues traded at 4 p.m.
Composite volume of NYSE-listed issues on all U.S. exchanges and over the counter at 4 p.m. totaled 155,915,600 shares compared with 126,294,600 Thursday.
Expectations that the British National Oil Corp. and the Soviet Union will cut their crude prices lent particular strenth to the transporation issues. As a result, airlines were strong gainers.
Enhanced by takeover rumors, food stocks advanced. Technology issues recovered.
Analysts said investors were encouraged by the market's refusal to back down below the 1300-mark.
""With little fanfare, the market suddenly burst forth to higher highs,'' said William Lefevre of Purcell Graham & Co. ""After the market rallied in the last hour of trading each day this week, investors went in and bought stocks.''
On the trading floor, Middle South Utilities was the most active NYSE-listed issue, up 1/8 to 14 3/8.
Long Island Lighting Corporation followed, up 1 7/8 to 8 3/4, after the county executive of Suffolk County, where Lilco is located, dropped his fight to stop the opening of the Shoreham nuclear powerplant. However, New York State Gov. Mario Cuomo said he still opposes opening the plant.
Ohio Edison was up 1/4 to 15 5/8 and Kansas Gas & Electric gained 1/4 to 17 3/8, both in active trading.
UAL Inc., the parent company of United Airlines, was the day's biggest gainer and the third most actively traded issue, advancing 4 3/8 to 53 3/4. AMR Corp., the parent company of American Airlines, added 2 1/4 to 47 1/2.
Some oil stocks gained. Exxon, Phillips Petroleum and Texaco all finished higher. …