Dow Rises 5.80; Market Resists Profit Taking : Airline Issues Decline as Energy Stocks Advance

The stock market edged higher in quiet trading Monday, extending last week’s rally despite some resistance from sellers.

The Dow Jones index of 30 industrials rose 5.80 to 2,095.99 on top of last week’s 102.13-point jump to new closing highs since the crash in October.

Advancing issues outnumbered declines by about 3 to 2 on the New York Stock Exchange, with 939 up, 632 down and 432 unchanged.

Big Board volume totaled 146.37 million shares, against 169.30 million in the previous session. The NYSE’s composite index gained 0.44 to 152.47.

Stocks rose in the Tokyo and London markets as traders around the world looked for positive news on the dollar from meetings scheduled this week of the so-called Group of Seven industrialized nations.

Airline Stocks Decline

Analysts also are expecting signs of continuing shrinkage in the U.S. trade deficit when the Commerce Department reports Thursday on the nation’s trade balance for February.

However, interest rates rose a bit in the government securities market Monday. Brokers said that took some of the edge off enthusiasm for U.S. stocks.

They also said traders seemed to shy away from buying each time the Dow index approached the 2,100 level.

Airline stocks were broadly lower in the face of a jump in oil prices. AMR dropped 3/4 to 41 3/4, NWA fell 1 to 43 3/8, Allegis lost 3/4 to 85 and Delta Air Lines slipped 1 to 50 1/2.

Energy issues were broadly higher, with Amoco up 1 5/8 at 79, Chevron up 1/8 at 49, Atlantic Richfield up 7/8 at 89, Occidental Petroleum up 1/2 at 27 1/2 and Mobil up 3/8 at 48.

Quaker State Corp. jumped 3 1/2 to 26 1/8 on word that the company received a $26.50-a-share takeover offer from an investor group.

Wolverine Technologies rose 4 7/8 to 23. France’s Saint-Gobain made a $23-a-share bid for the company, topping a previous offer of $18.50-a-share by Ply-Gem Industries.

Compaq Computer gained 2 to 54 3/4. The company said it expects its first-quarter earnings to come in higher than analysts’ estimates.

Elsewhere among the big-name technology issues, International Business Machines rose 1 3/4 to 113 3/8 and Digital Equipment advanced 2 to 107 7/8.

Indexes Move Higher

Kansas City Southern Industries was the day’s biggest percentage loser, down 5 1/8 at 39 7/8. A jury ruled Friday that the company must pay damages in an antitrust case brought by South Dakota.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 173.53 million shares.

The Wilshire index of 5,000 equities closed at 2,678.873, up 8.410.

Standard & Poor’s industrial index rose 1.11 to 314.71, and S&P;’s 500-stock composite index was up 0.73 at 270.16.

The NASDAQ composite index for the over-the-counter market added 0.69 to 382.52. At the American Stock Exchange, the market-value index closed at 303.69, up 3.20.

In Tokyo, the Nikkei 225-share index gained 175.98 points to close at a record 26,924.87.

In London, the Financial Times 100 share index rose 30.8 to close at 1,810.5.