Dow Turns Up 36.14 to Close at 3-Month High

The stock market jumped ahead to a three-month high today, reviving its yearend rally.

The Dow Jones average of 30 industrials climbed 36.14 points to 2,622.28, its highest close since it stood at 2,625.74 on Sept. 12.

Advancing issues outnumbered declines by about 5 to 3 on the New York Stock Exchange, with 957 up, 589 down and 489 unchanged.

Big Board volume totaled 182.27 million shares, up from 145.33 million in the previous session.

The NYSE’s composite index rose 1.83 to 180.25.

Over the past week the market has run into resistance from sellers.

But analysts noted that the pullback proved to be shallow, suggesting that stocks were still benefiting from solid support not far below their recent levels.

Brokers also say many investors seem convinced that the Federal Reserve will take whatever steps are necessary to cushion the effects of the economic slump.

With assistance from the Fed, many optimists in the financial world believe, the economy could begin to show renewed signs of vigor as early as mid-1991.

Bond prices were mostly unchanged in early trading today.

The Treasury’s bellwether 30-year bond, which jumped 11/16 point on Tuesday, had slipped 1/32 point, or 31 cents per $1,000 in face amount, by midday. Its yield was 8.07%, unchanged from late Tuesday.