Newspaper article THE JOURNAL RECORD

Stock Prices Post Moderate Gains

Newspaper article THE JOURNAL RECORD

Stock Prices Post Moderate Gains

Article excerpt

NEW YORK (AP) - Stock prices posted moderate gains Tuesday as late bargain hunting and computer-program buy orders gave some direction to an otherwise lackluster session.

The Dow Jones average of 30 industrials rose 11.38 to 2,893.56.

Advancing issues outnumbered losers by about 10 to 9 on the New York Stock Exchange, with 778 up, 708 down and 519 unchanged.

Big Board volume totaled 134.93 million shares, up slightly from 133.47 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 163.12 million shares.

The market fluctuated in a narrow range for much of the day, breaking free in the afternoon.

Many market watchers said investors were waiting for indications of where stocks were headed following Monday's 53.71 point drop in the Dow Jones industrial average.

``It's been pretty quiet action. Basically the market is just buying time,'' said Jon Groveman, a stock market analyst at Ladenburg, Thalmann & Co.

Program trading helped push the market up in the closing hours as arbitragers tried to take advantage of differences between stock index futures and the cash value of the stocks that make up the index, said Thomas Walsh, head of equity trading for Nikko Securities Co. International Inc.

Tuesday's close was the ninth highest for the Dow industrials, but all of the top 10 closes have come since June 1.

``I don't think we're going to see a collapse, but an absence of buying interest until we get an indication of where the (federal) budget talks are going,'' said Alan Ackerman, market strategist at Gruntal & Co. …

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