Newspaper article THE JOURNAL RECORD

Stock Prices Up Broadly on Computer-Driven Buying

Newspaper article THE JOURNAL RECORD

Stock Prices Up Broadly on Computer-Driven Buying

Article excerpt

NEW YORK (AP) - Stock prices rose broadly Tuesday in quiet trading, boosted by several waves of computer-driven buying and strength in dollar-trading and the bond market, traders said.

The Dow Jones average of 30 industrials rose 27.25 to 2,676.80.

Advancing issues outnumbered declining ones by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 1,028 up, 489 down and 484 unchanged.

Volume on the floor of the Board volume totaled 143.64 million shares, up from 140.11 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 175.55 million shares.

The currency and bond markets provided little initial direction for the stock market, and stock prices drifted slightly higher. But in the early afternoon, the dollar strengthened, bond prices rose and the buy programs kicked in.

``You had a bond market that waffled a bit and then came on strong,'' said Austin George, head of equity trading for mutual-fund operator T. Rowe Price Associates in Baltimore.

By late afternoon, the benchmark 30-year government bond was up 25 points, or $7.80 per $1,000 face amount. The dollar rose to 149.85 yen from 149.03 late Monday.

Robert L. Kahan, manager of equity trading at Montgomery Securities Inc. in San Francisco, said trading also was quiet until early afternoon due to a lack of market-affecting news.

The government reported that orders to factories fell 5.4 percent in January. But the figure was in line with analysts' estimates and had little market impact, traders said. …

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