Dow Dawdles, Drifts to Close 10.64 Higher

Stock prices edged up in cautious trading for the second day running today, gathering light support from the unchanged prices for crude oil and steadiness in some retail shares.

The large market-making traders were sidelined, awaiting Thursday’s crucial U.N. vote on a resolution to use force against Iraq if it does not remove its troops from oil-rich Kuwait.

The Dow Jones industrial average closed up 10.64 points at 2,543.81. New York Stock Exchange volume was a moderate 147.59 million shares and gainers outpaced losers by a 5-3 margin.

Blue chips spent much of the morning hovering around Monday’s close, but inching upward occasionally with bond prices.

Analysts said there was little direction for traders. Oil prices dipped briefly in early afternoon trading, sending stock prices higher, but then oil recovered and stocks gave back most of their gains.

On the active list, MCA was up 3/8 at 65 1/2 with an hour to go before the close. The movie and entertainment company agreed Monday to a buyout offer from Matsushita Electric Industrial of $66 a share in cash, plus stock in a television subsidiary.

Among other most-active issues, Waste Management was up 1/8 at 32 1/4, Limited was up 1/2 at 14 5/8 and Citicorp was down 3/8 at 12 3/4.