The Dow Jones Industrial Average closed Monday...

The Dow Jones Industrial Average closed Monday at its highest point in a month, but it was unclear whether the uptick was merely a temporary rally in a bear market or the beginning of a more substantial year-end rally, according to Irving Katz, director of research for Thomas Green/San Diego Securities.

The rally was so strong that “even some of our lackluster San Diego stocks registered substantial gains during the past week,” Katz said.

The largest point mover was Rohr Industries, which gained $2.625 to $14.50. The company reported its third consecutive profitable quarter, with a $.26-a-share profit versus a $.64-a-share loss during the corresponding quarter a year ago. Sales increased by 37%, and Rohr’s backlog rose to $2.4 billion. Rohr’s stock has ranged between $26.25 and $11.50 the past year.

Cubic Corp. reported the second best gain, moving up $2.375, to $19.375, on low volume. The only explanation is that Cubic may soon announce it has won a New York City subway contract for fare-collection devices, Katz suggested.

HomeFed Corp. gained $1 to $7.375, despite having its subordinated debt downgraded by Moody’s Investors Service. Moody’s linked the downgrading to weakened asset quality at HomeFed. However, Moody’s also noted that HomeFed has a valuable franchise in San Diego County and that the S&L; still meets tough federal capital standards.

Earnings reports released last week showed Molecular Biosystems with a loss of $.02 per share, which was in line with expectations, Katz said. The company, whose stock gained $.75, forecast that sales of its Albunex imaging agent are still a year away, Katz said.

Maxwell Laboratories gained $.25 despite reporting lower first-quarter earnings of $.13, versus $.38 during the same quarter a year ago. Maxwell blamed the drop on federal budget uncertainties and industrywide delays in defense funding.

National Health Laboratories was up $1.75, to $15.375, close to its yearly high of $16.50.