Stock Market Recovers 4.71 Energy Issues Gain Again
The Dow Jones average of 30 industrial stocks, down 10.64 points in the last three trading days, recovered 4.71 to 1,353.61.
Volume on the New York Stock Exchange came to 123.29 million shares, against 128.60 million Wednesday.
The market rose to record highs last week on spreading talk that economic growth would revive later this year and in 1986.
The general presumption has been that recent stimulative moves by the Federal Reserve in setting credit policy would show up with a lag in the pace of business activity and corporate profits.
However, in recent days some Wall Streeters have been questioning the accuracy of that line of thinking.
At the same time, interest rates have stopped falling, taking away a primary force behind the market's advance from early May to mid-July.
In the office-equipment sector, International Business Machines rose 1 1/8 to 130 1/4; Digital Equipment 2 1/4 to 104 3/8; Data General 3 5/8 to 43; Burroughs 1 to 64 3/8, and Xerox 1 to 53.
Energy stocks, which rallied late in Wednesday's trading, gained more ground Thursday as traders assessed news that a majority of Organization of Petroleum Exporting Countries had agreed on modest cuts in some lower grades of crude oil.
Some Wall Streeters say the possibility of a sharp drop in oil prices appears to have been staved off, at least for the moment. …