Newspaper article THE JOURNAL RECORD

Stocks Up 5.83, Following Big Advance on Tuesday

Newspaper article THE JOURNAL RECORD

Stocks Up 5.83, Following Big Advance on Tuesday

Article excerpt

NEW YORK (AP) - Stock prices rose over a wide front in moderate trading Wednesday to extend the previous day's advance.

Auto, retail, telephone and airline issues were among the gainers.

The Dow Jones average of 30 industrials rose 5.83 to 1,329.53 after climbing 11.20 points Tuesday for its best gain in six weeks.

But the lead feature of the session was a 16.50-point jump, to 696.04, in the Dow Jones average of 20 transportation stocks. Most of the gain came from one of the average's components, Transway International, which soared 9 3/8 to 43 1/4 after receiving a $40-a-share takeover bid from Nortek. Nortek rose 7/8 to 16 1/2.

It was the biggest daily advance in the transportation average since Oct. 18, 1984, when it climbed 17.40 points, according to market analyst William Le Fevre of Purcell, Graham & Co. Inc.

Overall gainers outpaced losers by nearly 2 to 1 on the New York Stock Exchange, whose composite index rose 0.57 to 109.49.

Big Board volume totaled 94.88 million shares, against 91.23 million in the previous session.

Some brokers said the market's upturn, which followed several sessions of lackluster activity, could trigger additional buying interest in the next few days.

But they said many of the gains have reflected technical factors and have been limited primarily to the market's blue chips and other large-capitalization issues. Any sustained upward move will have to include the participation of the broader market, the traders said.

Analysts also noted that while trading volume has picked up from the extremely slow pace earlier this week, it remains relatively light and indicates that much of Wall Street continues to hold a cautious view toward stocks. …

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