Market Prices Mixed at Close; Dow Rises 11.22

Prices closed mixed on Wall Street on Wednesday, bolstered by a stronger dollar and a recovery in Treasury bond prices, but buffeted by program trading and profit taking.

The Dow Jones average of 30 industrial stocks rose 11.22 points to 2,372.16.

Declining issues outpaced gainers by six to five.

Big Board volume totaled 179.84 million shares, against 186.41 million in the previous session.

The Dow Jones average changed direction several times during the session while the margin of gainers to losers remained narrow.

Program trading contributed to the session’s swings, analysts said.

Topping the NYSE most active list was First Boston Income Fund, which was unchanged at 10 1/8.

Among the big gainers was UAL, which rose 6 to 72; Minnesota Mining & Manufacturing, which picked up 2 1/8 to close at 135 7/8; Honeywell, up 1 7/8 to 75, and General Motors, which rose 2 to 84.

Among the big losers was ITT, which dropped 1 1/2 to 62; Southwestern Bell, which slipped 1 7/8 to 111 7/8, and Atlantic Richfield, which fell 1 1/2 to 84 3/4.

Large Blocks Off

Large blocks of 10,000 or more shares traded on the NYSE totaled 3,327, compared to Tuesday’s 3,594.

In the bond market, the bellwether 30-year Treasury bond, down more than a point Tuesday, rose 13/32 point, or just under $5 per $1,000 in face value.

Secondary Market Gains

In the secondary market for Treasury bonds, prices of short-term governments rose about 3/32 point, intermediate maturities rose in the range of 5/32 point to 9/32 point and 20-year issues were up about 3/4 point, according to figures provided by the investment firm Salomon Bros. Inc.

In corporate trading, industrials and utilities were up point in light activity, according to Salomon Bros..

Among tax-exempt municipal bonds, general obligations were off 1/2 point and revenue bonds were down 5/8 point. Trading was light.

Yields on three-month Treasury bills fell 5 basis points to 5.49%, while yields on six-month bills fell 3 basis points to 5.65%. One-year bills were off 3 basis points at 5.79%.

The federal funds rate, the interest charged on overnight loans between banks, traded at 6.50%, up from 6.25% late Tuesday.