The stock market swept ahead today, carrying the Dow Jones indust
NEW YORK (AP) _ The stock market swept ahead today, carrying the Dow Jones industrial average past 2,300 for the first time.
Dow Jones’s average of 30 blue chips, up more than 15 points in early trading, settled back to 2,292.61, up 7.81 from Tuesday’s record close, by 10 a.m. on Wall Street.
Gainers outnumbered losers by about 2 to 1 in the early tally of New York Stock Exchange-listed issues, with 744 up, 367 down and 446 unchanged.
Volume on the Big Board came to 36.36 million shares in the first half hour of trading.
Analysts said many traders were surprised and impressed by the market’s upsurge Tuesday.
The general expectation on Wall Street had been that traders would remain cautious all week awaiting Friday’s ″triple witching hour,″ when the last trading occurs in a set of options and futures on stock indexes.
Instead, brokers said, the market climbed to new highs as investing institutions scrambled to buy stocks to show fully invested positions when they make their first-quarter reports to their customers.
With all that, however, the market encountered resistance when the Dow hit 2,300, suggesting that some traders were using that round number as a cue to take profits.
Energy stocks were strong for the second straight day on indications of firming oil prices. Occidental Petroleum gained 1 1/8 to 33 1/4 ; Mobil 7/8 to 48 1/2 ; Texaco 1/2 to 35 1/2 , and Phillips Petroleum 3/8 to 15 1/8 .
The NYSE’s composite index of all its listed common stocks rose .74 to 167.15. On the American Stock Exchange, the market value index was up 2.28 at 337.52.
On Tuesday the Dow Jones industrial average jumped 36.36 to 2,284.80, surpassing the previous peak of 2,280.23 on March 6.
Advancing issues outnumbered declines by about 5 to 3 on the NYSE, with 993 up, 585 down and 381 unchanged. Big Board volume totaled 177.31 million shares, against 134.93 million in the previous session.