The stock market pushed ahead today in heavy trading at the quart
NEW YORK (AP) _ The stock market pushed ahead today in heavy trading at the quarterly triple witching hour.
The Dow Jones average of 30 industrials climbed 11.35 points to 3,280.58 in the first half hour of trading.
Gainers outpaced losers by more than 3 to 1 in nationwide trading of New York Stock Exchange-listed issues, with 1,154 up, 372 down and 635 unchanged.
Volume on the Big Board came to 98.50 million shares as of 10 a.m. on Wall Street.
Activity was swollen by last-minute transactions associated with expiring options and futures on stock indexes as well as options on individual stocks.
At these witching hours, on the third Friday of the last month of each quarter, the rush of these transactions can temporarily obscure any underlying trends in the market.
However, most observers agreed that stocks continued to benefit from signs of broadening strength in the economy.
The latest reports suggested that retailers were on track for a generally upbeat holiday selling season, with just a week remaining before Christmas.
Among actively traded blue chips, Coca-Cola rose 3/4 to 42 1/4 ; Merck to 46 3/4 ; Exxon 1/4 to 62 1/4 , and General Electric 3/4 to 86.
The NYSE’s composite index of all its listed common stocks rose 1.16 to 240.28. At the American Stock Exchange, the market value index was up .67 at 391.09.
On Thursday the Dow Jones industrial average rallied 14.05 points to 3,269.23.
Advancing issues outnumbered declines by more than 5 to 3 on the NYSE, with 1,129 up, 660 down and 632 unchanged.
Big Board volume came to an estimated 248.59 million shares as of 4 p.m. EST, against 241.91 million in the previous session.