Newspaper article St Louis Post-Dispatch (MO)

Late Rally Adds 100 to Dow; Techs Slip

Newspaper article St Louis Post-Dispatch (MO)

Late Rally Adds 100 to Dow; Techs Slip

Article excerpt

Stocks gained Monday, sending the Dow Jones industrial average up 100 points late in the day, as investors speculated that any increase in interest rates by the Federal Reserve will be limited.

Shares of Citicorp, Chase Manhattan Corp. and NationsBank Corp. rallied ahead of today's meeting of the Fed's policy-making arm, which is expected to raise interest rates before signs of inflation surface. The advance tempered declines in computer-related shares, led by Microsoft Corp.

The Dow Jones industrial average rallied 100.46, or 1.45 percent, to 6905.25, its biggest percentage gain since Feb. 12. The 30-stock average was down about 20 points 1 1/2 hours before the close. The Dow is still off about 180 points from its record 7085.16 on March 11. Philip Morris Cos. led the Dow's advance, rising 4 1/4 to 115 3/4 after losing 17 5/8 last week. The Nasdaq composite index, whose two biggest stocks are Intel Corp. and Microsoft, slid 11.43. The index is now down more than 10 percent from its record close of 1388. …

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