Dow Up 2.23; Stocks Mixed in Seesaw Trading

The stock market ended an indecisive session narrowly mixed Wednesday as Wall Streeters looked warily on events in the Persian Gulf.

The Dow Jones industrial index rose 2.23 to close at 2,470.18 after fluctuating in a narrow range throughout the session.

Declining issues outpaced advancers by a margin of about 5 to 4 on the New York Stock Exchange.

Big Board volume totaled 174.65 million shares, against 186.57 million in the previous session.

In the bond market, prices fell in thin trading.

The Treasury’s 30-year bond fell 23/32 point, or about $7.20 for every $1,000 in face value. Its yield jumped to 8.787% from 8.72% late Tuesday.

In the secondary market for Treasury bonds, prices of short-term governments declined 1/32 point to 1/16 point, intermediate maturities fell 3/16 to 11/32 point and 20-year issues lost 3/4 point.

Among tax-exempt municipal bonds, general obligations fell 1/2 point in moderate activity, while revenue bonds fell 3/8 point.

Yields on three-month Treasury bills, meanwhile, fell 7 basis points to 5.63%. Six-month bills rose 4 basis points to 5.84%, and one-year bills gained 3 basis points to 6.25%.

The federal funds rate, the overnight interest charged on loans between banks, was quoted at 6.50%, down from 6.83%.