Dow Up 10.05; Energy Issues Liven Market

Energy issues turned in some of the strongest performances as the stock market drifted through a quiet, mixed session Monday.

The Dow Jones index of 30 industrials rose 10.05 to 2,446.91, recouping much of Friday’s 14.19-point loss. But other broader market measures showed little life.

Volume on the New York Stock Exchange dwindled to 142.49 million shares from 150.54 million in the previous session.

Analysts said some stocks still appeared to be benefiting from buying by investing institutions readying their portfolios for midyear reports to clients. Today is the last session of the second quarter.

Texaco climbed 1 5/8 to 39 1/2 in active trading. The company said it was encouraged by the Securities and Exchange Commission’s decision to file a friend-of-the-court brief on a potentially key point in Texaco’s legal dispute with Pennzoil over the takeover of Getty Oil.

Pennzoil shares fell 4 to 78 7/8.

Many other energy stocks also were strong on word that the Organization of Petroleum Exporting Countries agreed to hold production later this year at lower levels than previously planned.

Amerada Hess rose 2 1/8 to 38 3/4, British Petroleum gained 1 3/8 to 74 5/8, Exxon climbed 2 1/8 to 93 5/8, Mobil advanced 1 1/8 to 51 1/2, Chevron edged up 1 5/8 to 61 7/8 and Maxus Energy rose 1 1/8 to 13 3/4.

Among the oil service and drilling stocks, Schlumberger added 1 3/4 to 46 1/2, Halliburton rose 1 3/8 to 38, Baker Hughes gained 7/8 to 22 3/8 and Tidewater rose 7/8 to 9 1/8.

Korea Fund scored one of the day’s biggest percentage gains, jumping 10 to 70 1/2. The shares of the investment company responded to weekend reports that the head of South Korea’s ruling party had offered concessions to calm civil unrest in that country.

In the credit markets, bond prices closed slightly higher after having fallen as oil and other commodity prices rose earlier in the day.

The Treasury’s bellwether 30-year issue rose 1/32 point, recovering from a loss of 21/32 point--or about $6.50 for each $1,000 in face value--on Friday. Its yield was unchanged at 8.48%.

The federal funds rate, the interest on overnight loans between banks, traded at 6.38%, down slightly from 6.50% on Friday.