Market Mixed as Dow Edges Up to New High
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NEW YORK — The Dow Jones industrial average nudged ahead to another record high Friday, but the stock market settled for a mixed showing overall.
Analysts said rising interest rates in the credit markets helped induce some stepped-up profit taking.
The Dow Jones index of 30 industrials rose 3.80 to 2,280.23, hitting a new closing high for the third straight session. The average finished the week with a net gain of 54.24 points.
Volume on the New York Stock Exchange came to 181.59 million shares, down from 205.43 million on Thursday.
Interest rates headed higher in the government securities market Friday, sending the Treasury’s closely watched 30-year issue down about 7/8 point, or $8.75 per $1,000 face value. That boosted its yield to 7.51% from 7.45% late Thursday.
In the stock market, Revlon was actively traded, up 3 1/2 at 18. The company’s biggest stockholder, MacAndrews & Forbes Holdings, said it is considering a bid to take the firm private.
Profit taking was evident in such blue-chip and technology issues as Procter & Gamble, down 2 1/8 at 88 7/8; Digital Equipment, down 1 5/8 at 169 1/8, and General Electric, down 1/2 at 107 5/8.
But forest-products issues were strong, aided by news of some price increases posted this week by International Paper. International Paper shares climbed to 98 1/2. Weyerhaueser rose 2 3/4 to 57, Scott Paper jumped 2 to 81, Union Camp advanced 1 to 69 1/2 and Boise Cascade gained 2 to 81 1/2.
Energy stocks also did well, aided by a recent rebound in world oil prices. Amoco gained 1 3/8 to 75 1/8, Chevron rose 1 to 51 5/8, Atlantic Richfield advanced 1 to 70 7/8, Occidental Petroleum gained 3/8 to 31 1/2 and Exxon added to 81 1/2.
Taft Broadcasting, subject of a $145-a-share takeover bid from an investor group, climbed 19 to 151 1/2.
Declining issues outnumbered advances by about six to five in the overall tally on the NYSE, with 689 up, 844 down and 426 unchanged. The exchange’s composite index of all its listed common stocks edged up 0.04 to 165.45.
Standard & Poor’s index of 400 industrials rose 0.27 to 331.36, and S&P;’s 500-stock composite index was up 0.14 at 290.66.
The Wilshire index of 5,000 equities closed at 2,923.902, up 2.036.
The NASDAQ composite index for the over-the-counter market gained 0.45 to 429.45. At the American Stock Exchange, the market-value index closed at 329.57, up 0.10.
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