Newspaper article THE JOURNAL RECORD

Stock Prices Hold onto Modest Gain to Finish at Record Close

Newspaper article THE JOURNAL RECORD

Stock Prices Hold onto Modest Gain to Finish at Record Close

Article excerpt

NEW YORK (AP) - Stock prices swung widely Tuesday and the Dow Jones industrial average ended with a modest gain in the busiest trading session since last January.

The Dow Jones average of 30 industrials, which crossed over the 1,400 threshold for the first time last week and set a record Monday, finished up 1.72 at a new closing high of 1,433.60. It marked the seventh time in the past 10 sessions that the blue-chip index has closed at a new peak.

Particularly encouraging to Wall Streeters was the fact that the market managed to hold on to the gains made Monday when a powerful surge in stock prices propelled the Dow index up more than 27 points for the best one-day performance in 10 months.

Volume on the New York Stock Exchange reached 170.80 million shares, up from 126.54 million Monday, which was itself a strong level considering the absence of traders observing Veterans Day.

The latest volume was the heaviest since Jan. 22 when 174.77 million shares changed hands. The record, set on Aug. 3, 1984, stands at 236.57 million shares.

""The fact that stocks had enough umph to finish with a modest increase was encouraging,'' said Jack Baker, head of block trading at Shearson Lehman Brothers Inc. in New York.

The market meandered as the session progressed. The Dow Jones industrial average moved as low as 1,421.10 in the first hours of trading and climbed as high as 1,446.10 in the afternoon.

Baker said buying programs by major brokerages led to much of the upward movement during the course of the session. The institutions stepped in to take advantage of favorable spreads between stock market prices and futures and options prices.

Michael Metz, a vice president at Oppenheimer & Co. …

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