Newspaper article THE JOURNAL RECORD

Dow Jones Industrials End above 1,900 for First Time

Newspaper article THE JOURNAL RECORD

Dow Jones Industrials End above 1,900 for First Time

Article excerpt

NEW YORK (AP) - The stock market maintained its record-setting momentum Tuesday as late buying boosted the Dow Jones industrial average to its first close above 1,900.

Several broad market measures also hit new heights amid active trading.

Buying interest picked up in the afternoon and allowed the Dow Jones average of 30 industrials to break out of a tight trading range. The blue chip barometer climbed 10.82 points past the previous closing peak reached on Monday and finished the session at 1,903.54.

Wall Street's best known indicator first closed above 1,800 on March 20 when it rose 16.29 points to 1,804.24.

Volume on the Big Board swelled to 147.67 million shares from 135.13 million on Monday.

A report Tuesday on the government's main gauge of future economic activity suggested continuing sluggishness. The Commerce Department's Index of Leading Indicators edged up 0.2 percent in May, substantially below the increases of the previous three months.

The lethargy might compel the Federal Reserve Board to stimulate growth by driving down interest rates, many analysts say. Speculation that the central bank would soon trim its discount rate, the interest it charges on loans to financial institutions, has contributed to strength in the credit markets and on Wall Street.

Hopes that falling interest rates will eventually bring better business conditions and improvements in corporate profits have whetted investors' appetites for stocks.

The prospect of further yield reductions in the credit markets has also sent some investors into equities.

International Business Machines paced the improvements in the blue chips and closed up 2 1/8 at 148 5/8. Among other components of the Dow Jones industrial average: Union Carbide rose 1 7/8 to 23; Procter & Gamble gained 1 1/2 to 81 5/8; Merck moved up 1 1/8 to 105 5/8; and, American Telephone & Telegraph dipped 1/8 to 25 1/4.

Stocks involved in takeover and other news attracted investors. …

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