Newspaper article THE JOURNAL RECORD

Stock Market Mostly Higher

Newspaper article THE JOURNAL RECORD

Stock Market Mostly Higher

Article excerpt

NEW YORK (AP) - The stock market ended modestly higher Wednesday after a seesaw session in which prices were pushed up and down by program trading.

Continuing takeover speculation kept several airline stocks aloft and also benefited share prices of a few other companies.

The Dow Jones average of 30 industrials, which bounced between double-digit gains and losses, finished ahead by 1.52 points at 2,728.15.

Advancing issues outnumbered declining ones by about 11 to 9 in nationwide trading of New York Stock Exchange-listed stocks, with 795 up, 650 down and 537 unchanged.

Volume on the floor of the Big Board came to 174.35 million shares, little different from the 175.21 million shares traded in the previous session.

The market sported moderate gains in the morning before rounds of futures-related program selling rocked stocks in the afternoon and temporarly knocked down share prices.

Stock prices bobbed back up, however, amid renewed buying when traders seized oppportunities to profit from the price difference between stock-index futures and actual stocks.

A government report that furnished further evidence of economic health failed to have much impact on Wall Street. The Commerce Department said U.S. personal income rose 0.7 percent in July, the best gain in four months, while consumer spending climbed at its fastest pace since April, up 0.7 percent.

With the economy apparently doing better than previously believed, it is much less likely that the Federal Reserve Board will nudge interest rates lower to stimulate growth, analysts say.

An upward revision in the gross national product, the broadest measure of the economy's performance, reported Tuesday already had diminished hopes that the central bank would cut interest rates.

The Commerce Department said the GNP grew by 2.7 percent from April through July, a significant change from the 1. …

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