Newspaper article THE JOURNAL RECORD

Stock Market Moves Higher

Newspaper article THE JOURNAL RECORD

Stock Market Moves Higher

Article excerpt

NEW YORK (AP) - The stock market moved broadly higher Wednesday and blue chips managed to extend this week's winning streak.

The Dow Jones average of 30 industrials, which rose 52.93 points over the prior two sessions, gained an additional 10.13 to close at 2,627.25.

The key indicator's advance came despite heavy selling in Exxon stock in the wake of the company's indictment on criminal charges related to last March's oil spill off the Alaskan coast.

Periodic rounds of profit-taking pared down the increase in the Dow Jones industrial average. It stood more than 20 points higher at midday before traders decided to sell to collect profits.

Advancing issues outnumbered declining ones by about 8 to 5 in nationwide trading of New York Stock Exchange-listed stocks, with 917 up, 565 down and 495 unchanged.

Volume on the floor of the Big Board swelled to 184.41 million shares from 152.59 million in the previous session.

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 218.55 million shares.

Market watchers said stocks continued to benefit from improved investor confidence stemming from Wall Street's ability to withstand a recent slump in Tokyo without suffering any apparent ill effects.

A continuing recovery in Tokyo from Monday's steep plunge reinforced the positive tone while an upward revision in the government's estimate of economic activity also helped.

The government's latest reading on the economy came out before the market opened and it showed the gross national product grew at a 0.9 percent annual rate in the fourth quarter of 1989, faster than the 0.5 percent pace previously estimated but still the slowest in more than three years. …

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