Newspaper article THE JOURNAL RECORD

Stocks End Volatile Week with Gains

Newspaper article THE JOURNAL RECORD

Stocks End Volatile Week with Gains

Article excerpt

NEW YORK (AP) _ Stocks ended a volatile week Friday with solid gains, lifted by the government's interest rate cut, recovery in the Tokyo market and election victory by Britain's conservatives.

But computer stocks tumbled on weak quarterly earnings at Digital Equipment and Intel, and traders remained concerned about more bad corporate news and the uncertain economic recovery.

The Dow Jones average of 30 industrial stocks rose 30.41 to 3,255.37, for a 74-point gain over two days, erasing most of a 94-point drop the previous two sessions. The Dow posted a 20.12-point loss for the week.

Advancing issues outnumbered declining ones about 12 to 5 on the New York Stock Exchange. Big Board volume totaled 199.45 million shares as of 4 p.m., against 231.35 million in the previous session.

The stock market rose briskly in the morning, following up on its recovery Thursday. But trading tapered off amid uncertainty.

Stocks were helped by three factors: follow-through on the Federal Reserve's move Thursday to lower the important federal funds interest rate and boost the economy, a 7.55 percent rebound in the weak Tokyo stock market and near- record gains on the London exchange after the conservatives'


Despite those developments, traders were edgy about Japan's faltering market and economy, the shaky U.S. recovery and the arrival of poor first-quarter earnings.

"Come Monday we still have an economy that is a mixed bag of statistics," said Edward J. Shopkorn, a managing partner at Mabon Securities Corp. "You still have Japan with an economy that seems to have some problems going forward."

The earnings carnage was evident among computer issues, which were broadly lower after Digital Equipment reported a $294 million quarterly loss late Thursday and Intel reported a drop in earnings.

Digital, which plunged 5 on Thursday, lost 3 more to 45 in heavy trading, for a combined 15. …

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