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The stock market edged upward today, getting a little more mileage out of Tuesday's late rally sparked by a cut in the Federal Reserve's discount rate.

The Dow Jones average of 30 industrials, up 33.41 points Tuesday, rose 0.99 to 2,627.72 by noontime on Wall Street.

Gainers outnumbered losers by about 10 to 9 in nationwide trading of New York Stock Exchange-listed issues, with 724 up, 652 down and 536 unchanged.

Stocks turned sharply higher in the final hour of trading Tuesday, spurred by the Fed's announcement that it would lower the discount rate, the interest it charges member banks on loans, to 6.5 percent from 7 percent.

Some traders were anticipating follow-through buying today, but concerns about the economy and the tensions in the Middle East continued to nag the market.

Instead, some investors were taking profits, accounting for the market's mixed tone.

Among the volume leaders, Citicorp fell 1/2 to 13 5/8 . On Tuesday the company estimated a fourth-quarter loss of $300 million to $400 million, and proposed to cut its dividend.

The NYSE's composite index of all its listed common stocks gained 0.11 to 180.30. At the American Stock Exchange, the market value index was up 0.72 at 305.75.

Volume on the Big Board came to 92.27 million shares at noontime, up from 86.50 million at the same point Tuesday.

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