STOCKS : Dow Rises 4.95 to 2,722.07 in Mixed Trading

The stock market was mixed Monday as traders bided their time awaiting first-quarter corporate earnings reports.

The Dow Jones index of 30 industrials rose 4.95 to 2,722.07.

Declining issues outnumbered advances by about 5 to 4 in nationwide trading of New York Stock Exchange-listed stocks, with 652 up, 839 down and 511 unchanged.

Big Board volume came to 114.97 million shares, down from 137.49 million in the previous session and the lightest total since a 114.79-million-share day on March 12.

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 143.58 million shares.

Japanese stocks rallied sharply Monday, rebounding from their drop of more than 25% since the start of the year. The Nikkei index of 225 Japanese issues soared 1,119.15 points or 3.8% to 30,397.93.

Brokers noted that many observers had regarded the selloff in Tokyo as largely an isolated phenomenon, reflecting forces within the market there.

Observers said traders were reluctant to bid for stocks just ahead of the first-quarter earnings reports due out over the next few weeks, which are expected to show the effects of continued weakness in economic growth.

Telecom USA jumped 16 1/4 to 38 1/8, and MCI Communications fell 1 1/8 to 35 3/4. MCI agreed to buy Telecom USA for $42 a share, or about $1.25 billion.

Elsewhere, MCA rose 1 1/4 to 50 1/2 on news of its film rights deal with CBS, which rose 2 3/4 to 180 1/8. Some other entertainment stocks also were strong, including Live Entertainment, up 1 to 20 1/2.

Pic ‘N’ Save, a rumored takeover target, added 1/8 to 13 1/4 after jumping 1 7/8 Friday.

Frederick’s of Hollywood rose 7/8 to 15 7/8. It said earnings in the six months ending Oct. 3 should top year-earlier levels.

Many bank and other financial issues rebounded from last week’s selloff. Citicorp rose 3/4 to 23 5/8; BankAmerica was up 7/8 to 26 3/8; J. P. Morgan rose 1 1/8 to 35 3/4, and Federal National Mortgage was up 1 3/8 to 33 3/8.

In London, shares closed modestly higher Monday after the market spent the day drifting lazily upward. The Financial Times-Stock Exchange 100-share index rose 6.6 points, or 0.3%, to close at 2,227.7.

CREDIT Bond Prices Fall Ahead of New Issues Bond prices fell Monday as traders said the market grew concerned about upcoming bond issues and a slump in the dollar.

The Treasury’s benchmark 30-year bond fell 3/8 point, or about $3.75 per $1,000 face amount, while its yield rose to 8.55% from 8.51% late Friday.

Gib Clark, chief bond trader at Daiwa Securities Inc., said the market’s tone was set by a decline Friday and by two upcoming bond auctions.

Today, the Resolution Funding Corp., the entity created to finance the bailout of the nation’s ailing savings and loans, is scheduled to auction $3.5 billion worth of new 40-year bonds. On Wednesday, the Treasury is selling $7.5 billion of 7-year issues.

The federal funds rate, the interest rate that banks charge each other on overnight loans, was quoted at 8 3/16%.

CURRENCY Dollar Dips in Bid to Support Yen The dollar ended modestly lower Monday against all major currencies except the Japanese yen and British pound, following a wave of selling by several central banks overseas to help prop up the yen.

Gold prices declined in the United States and abroad.

On the Commodity Exchange in New York, gold bullion for current delivery settled at $376 an ounce, down $4.70 from late Friday. Republic National Bank in New York quoted a late bid for gold at $375.65 an ounce, off $4.85.

Currency dealers said several central banks, including the Federal Reserve, sold dollars in Europe and Asia in an attempt to stem the yen’s decline.

But they said it did little to help the Japanese currency because the market did not believe the major industrial nations known as the Group of Seven nations were totally committed to supporting it.

In Tokyo, the dollar fell 1.02 yen to 156.45 Monday. It rebounded to 157.28 yen in London and traded at 158.335 yen in New York, up from 157.70 yen late Friday.

The dollar was mixed against the British pound. Sterling rose to $1.6397 from $1.6385 in London, but fell to $1.63445 from $1.6425 in New York from Friday.

COMMODITIES Crude Oil Slips to 9-Month Low Crude oil futures prices plunged below $19 a barrel to their lowest levels in eight months Monday on the New York Mercantile Exchange as perceptions of excess supplies were bolstered by a report on OPEC overproduction.

On other commodity markets, precious metals and copper weakened; grains and soybeans were mostly lower; cocoa and orange juice futures fell, and livestock and meat futures were mixed.

West Texas Intermediate crude futures settled 71 cents lower to 6 cents higher, with the contract for delivery in May down 71 cents at $18.44 a barrel, the lowest settlement of a near-month crude oil contract since Aug. 9. Crude futures had not traded below $18 since early September.

Heating oil futures settled .36 to .93 cent lower, with May at 53.07 cents a gallon; unleaded gasoline was .50 cent to 1.22 cents lower, with May at 60.89 cents a gallon.

Futures prices of grain and soybeans ended mostly lower on the Chicago Board of Trade.