Newspaper article THE JOURNAL RECORD

Stock Market Posts Record Closing with 12.43 Increase

Newspaper article THE JOURNAL RECORD

Stock Market Posts Record Closing with 12.43 Increase

Article excerpt

NEW YORK (AP) - Stock prices swept ahead to new highs in active trading Tuesday after the market responded calmly to the latest news on President Reagan's health.

The Dow Jones average of 30 industrials climbed 12.43 to 1,347.89, topping the record closing high of 1,338.60 it set last Friday. Several other, broader market measures also rose to new peaks.

Volume on the New York Stock Exchange stepped up to 132.50 million shares from 103.92 million Monday.

Wall Street passed a bull-market landmark when Wilshire Associates' index of 5,000 stocks reached $2 trillion for the first time, rising $19.5 billion to $2.015 trillion.

Just after the market closed on Monday, doctors reported that a polyp they had removed from the President's colon was cancerous.

But they also said they found no evidence that the malignancy had spread. They estimated the chances of no recurrence of the cancer to be better than 50 percent.

On Tuesday, Larry Speakes, the White House spokesman, said, ""There are no complications on the President's road to recovery.'' Financial analysts said investors were heartened by reports of Reagan's rapid recovery from his surgery.

However, they also observed that the situation raised some uncertainty about prospects for legislative action on measures being pushed by the President to narrow the federal budget deficit and overhaul the tax system.

At the same time, Wall Streeters were looking ahead to congressional testimony Wednesday and Thursday by Chairman Paul Volcker of the Federal Reserve, for possible signs of the future course of theFed's credit policy and interest rates.

International Business Machines climbed 3 to 128 1/2. …

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