Newspaper article THE JOURNAL RECORD

Dow Industrials Bounce Back after Two Days of Declines

Newspaper article THE JOURNAL RECORD

Dow Industrials Bounce Back after Two Days of Declines

Article excerpt

NEW YORK (AP) _ The stock market rebounded a bit Thursday as buyers searched for bargains produced by a series of losing sessions.

The Dow Jones industrial average closed with a gain of 9.22 at 3,726.14 after meandering modestly above and below its starting point for most of the day. The blue chip indicator had lost a total of 47.51 points on Wednesday and Tuesday combined.

Advancing issues outnumbered declines by better than a 7-to-6 margin on the New York Stock Exchange where 1,137 stocks rose in price, 957 fell and 633 were unchanged.

Volume on the floor of the Big Board came to 283.69 million shares as of 4 p.m. EST, down from 307.64 million on Wednesday.

Among broad market measures, the NYSE composite gained 0.72 to 256.15 and the Standard Poor's 500 advanced 1.50 to 463.34. The Nasdaq composite increased 2.56 to 755.53. At the American Stock Exchange, the market value index added 1.50, rising to 461.44.

Trading was dominated by individual company news and failed to follow a consistent, market-wide pattern. Activity was restrained as market professionals prepared to adjust their holdings Friday when stock options and futures expire. This quarterly phenomenon typically inflates volume and causes volatility.

Some stocks benefited from buying by investors eager to snap up bargains after two days of declining stock prices. Others were depressed by pessimistic profit forecasts and similarly downbeat news.

Economic news appeared to have little influence on stocks. The Labor Department said the number of Americans filing for unemployment benefits for the first time dropped by 7,000 last week to a seasonally adjusted 330,000.

In another report, the Commerce Department said the U.S. merchandise trade deficit contracted slightly to $10.5 billion in October despite the biggest trade gap with Japan in nearly seven years.

Strength in stocks overseas was a plus for Wall Street. In Tokyo, the Nikkei index surged while stocks in Frankfurt, Germany snapped a string of losses with a solid advance. …

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