Newspaper article THE JOURNAL RECORD

Blue Chips Rally

Newspaper article THE JOURNAL RECORD

Blue Chips Rally

Article excerpt

NEW YORK (AP) -- Stocks rallied Tuesday, pushing most indexes into positive territory for 1998, as another strong day on foreign markets enabled investors to focus on a potential megamerger and some solid profit reports by major companies.

The Dow Jones industrial average rose 119.57 to 7,873.12, the first 100-point gain of the new year for the struggling blue-chip barometer. Broader measures also posted big gains, with most wiping out the remainder of their early 1998 losses, and some moving within reach of new highs.

The Dow has erased all but 35 points of its new year's deficit, which totaled 327 points, or 4.1 percent, slightly more than a week ago. Although the gains on Asian markets were fairly modest Tuesday, the continuing recovery set a positive tone for Wall Street's return from a three-day holiday weekend. The focus quickly shifted to domestic affairs, however, as companies bombarded investors with profit reports on the final three months of 1997, and drug stocks rallied on news that American Home Products and Britain's SmithKline Beecham are discussing the biggest merger ever. …

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