Stocks Drift to Small Gain; Dow Rises 2.11

The stock market scraped together a small gain Thursday in a drifting session, while bond prices fell for a third consecutive day.

Computer and technology issues posted some of the most notable gains.

The Dow Jones average of 30 industrials, which had fallen more than 26 points Tuesday and Wednesday, edged up 2.11 to 1,831.72.

Volume on the New York Stock Exchange came to 146.56 million shares, against 149.69 million Wednesday.

Analysts said there was some carryover of buying from late in Wednesday’s session, when the Dow Jones industrial average bounced back from a 20-point deficit in the final hour to finish with only a small loss.

Outlook Unclear

But they said the market was still confronted with uncertainties about the outlook for the dollar and interest rates.

In the past few days, fears have arisen that a declining dollar in currency markets would diminish foreign investors’ enthusiasm for U.S. securities such as Treasury bonds.

Concern has also begun to spread that the Federal Reserve might become worried about weakness in the dollar and shift to a less stimulative credit policy in order to try to support it.

Among the computer and technology issues, IBM gained 2 3/8 to 157 5/8; Digital Equipment 1 7/8 to 183; Hewlett-Packard 1 3/4 to 47 1/8; Prime Computer 1 3/8 to 21 7/8; Texas Instruments 4 to 145, and Honeywell 2 to 77 5/8.

Mortgage and savings and loan stocks, by contrast, ran into selling as interest rates moved up. Federal National Mortgage dropped 1 to 29 3/4, H. F. Ahmanson 1 3/8 to 62 3/4 and Great Western Financial 7/8 to 41 7/8.

Ford Motor lost 1 3/4 to 82. The company reported first-quarter earnings of $2.70 a share, down from $2.80 in the comparable period last year.

Other auto issues generally showed fractional declines.

Rexnord, which projected substantially lower second-quarter profits, dropped 1 to 17 3/8.

Advest climbed 1 1/2 to 18 on sharply higher earnings for its latest fiscal quarter.

Northeast Utilities fell 7/8 to 20 7/8. The company’s Connecticut Light & Power subsidiary was denied a rate increase.

Telerate led the active list, up 1/8 at 18 in trading that included a 4.15-million-share block at 17.

Advances, Declines About Even

In the overall tally on the Big Board, advancing issues just slightly outnumbered declines. The exchange’s composite index of all its listed common stocks added 0.12 to 139.46.