Newspaper article THE JOURNAL RECORD

Dow Jones Industrials Up 3.32 as Market Consolidates Gains

Newspaper article THE JOURNAL RECORD

Dow Jones Industrials Up 3.32 as Market Consolidates Gains

Article excerpt

NEW YORK (UPI) - Stocks closed higher in active trading Monday, consolidating double-digit gains made Thursday and Friday.

The Dow Jones industrial average, which gained 26.94 for all of last week, closed up 3.32 to 1,277.50.

Broader-based indicators also advanced, with the Standard and Poor's 500-stock index hitting a new high.

Advances topped declines 871-675 among the 2,022 issues traded.

Big Board volume totaled 85,830,000 shares, down from 140,260,000 traded Friday.

""The market is consolidating,'' said Phillip Bernstein of Freehling & Co.

""After a serious rally last week, it was heartening that gains were held despite lackluster volume and dull trading,'' said John Barrett of Donaldson,Lufkin & Jenrette.

But he said some investors are still ""sitting on their hands, waiting for the Federal Reserve to make a move.''

On the trading floor, Pan American World Airways was the most active NYSE-listed issue, up 1/8 to 5 3/4.

IBM was second, also up 1/8 to 130 1/4.

Warner Communications was third, off 3/4 to 28 1/8.

Some media and publishing stocks improved. Taft Broadcasting gained 3 1/8 to 73 7/8, while Time Inc. advanced 1 5/8 to 55 5/8.

Atlantic Richfield, Exxon, Unocal and Mobil were heavily traded. Atlantic Richfield lost 3/8 to 60 3/4, Exxon gained 1/2 to 50 1/2, Unocal eased 1/4 to 45 3/4 and Mobil gained 1/4 to 30 3/4.

Auto issues lost ground. Ford dropped 1 to 42, General Motors 1 3/8 to 67 1/2 and Chrysler 1 to 34 5/8, all in active trading.

Drug stocks continued to do well. Upjohn moved up sharply by 5 7/8 to 96 3/4. …

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