Dow Rises 15.20 to Glide Past the 2,400 Mark : It’s the Index’s 33rd Closing High This Year

The Dow Jones industrial average passed another milestone in a generally quiet session on Wall Street Monday.

The closely watched average, which reflects the performance of 30 blue chip stocks, rose 15.20 to pass the 2,400 mark and reach a new closing high, 2,405.54.

The average, which has set closing highs 33 times since the current stock market rally began on Jan. 2, passed the 2,300 mark on March 20. Since the beginning of the year, the Dow average has gained 509.59, rising from 1,895.95.

Advancing issues outpaced declining issues by a margin of about six to five Monday, with 855 issues up, 722 down and 404 unchanged on the New York Stock Exchange.

Volume totaled 173.72 million shares, against 213.39 million in the previous session.

Lackluster Trading

The new milestone for the Dow average was the one bright spot of an otherwise lackluster day. The market began the session on a strong note, but dropped back during the morning, and the industrial average slipped below 2,400 several times only to come back again as buying picked up.

While it reached a new high, the average was held down in part by one of its components, Texaco.

Texaco, which topped the NYSE most active list, dropped 4 to 33 5/8 after the U.S. Supreme Court ruled that a federal judge mistakenly excused the company from posting a potentially ruinous $11-billion bond in its court battle with Pennzoil Co.

Prices rose in the bond market in a quiet market that analysts said continued focusing on foreign exchange activity.

The bellwether 30-year Treasury bond rose 5/16 point, or more than $2.50 per $1,000 in face amount. Its yield dropped to 7.84% from 7.87% late Friday.

In the secondary market for Treasury bonds, prices of short-term governments ranged from 1/32 point to 1/16 point higher, intermediate maturities were 1/16 point to 3/16 point higher and 20-year issues rose point.

The federal funds rate, the interest charged on overnight loans between banks, traded at 6.188%, up from 5.875% late Friday.