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The stock market bounced back from earlier declines in moderate afternoon trading today.

The Dow Jones average of 30 industrials was up 10.48 points to 2,486.03 at 2 p.m. The blue-chip indicator was 1.29 points lower at noon.

Advancing issues outnumbered declines by a margin of about 3 to 2 on the New York Stock Exchange, with 812 issues up, 542 down and 544 unchanged.

Volume on the Big Board totaled 116 million shares.

Analysts said stocks rallied behind strengthening bond prices as the dollar continued to firm.

Stocks had seesawed through the morning session, rebounding from a weak opening after the Commerce Department reported that its chief economic forecasting gauge, the Index of Leading Economic Indicators, shot up 0.8 percent in April after declining during the previous two months.

Stocks later declined as the dollar and bonds lost some of their earlier strength following a government report that showed orders to U.S. factories rose 2.7 percent in April.

It was the best showing in four months, and led to new speculation that the Federal Reserve might not lower interest rates any time soon as earlier suggested.

Expectations had grown over the last several days that the Fed might lower interest rates to slow the rising dollar. But analysts said after the factory orders report that such a move by the Fed is unlikely, given its concerns about inflation.

Among blue-chip stocks, IBM was up 1 5/8 to 109 7/8 , Motorola had gained 1 5/8 to 56 3/8 and General Electric had advanced 1/2 to 54 1/2 .

Texaco was down 1/8 to 51 3/8 , Time Inc. was off 5 3/4 to 129 1/4 and Union Carbide was down 1/4 to 27 1/8 .

On Tuesday, the Dow Jones industrial average fell 18.22 points to 2,475.55.

Big Board volume totaled 151.78 million shares, up slightly from 143.12 million in Friday's session.

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