Stock Market Roars Ahead; DJIA Above 2,100
NEW YORK (AP) _ Stock prices took an early breather Monday, then roared ahead again, propelling the Dow Jones industrial average to a record-tying 12th consecutive rise and putting it over 2,100 for the first time.
Analysts attributed the resurgence partly to new buyers jumping in when they believed stock prices had reached the low for the day. But they said it was mainly a continuation of the robust rally that has sent prices soaring on Wall Street since the year opened.
After being down nearly 19 points at midmorning, the Dow Jones average of 30 blue-chip stocks rebounded for a gain of 25.87 points and closed at a record 2,102.50.
The market’s best-known indicator has set closing highs in the last 11 trading sessions and risen in each of the 12 trading days so far in 1987.
The latter mark matched the longest string of consecutive gains since the average expanded to 30 stocks in 1928, Dow Jones & Co. Inc. said. The previous series occurred Nov. 19-Dec. 7, 1970.
Stocks advanced on a broad front, with issues rising in price outnumbering declining stocks by about 2-to-1 on the New York Stock Exchange. Although the Dow Jones industrials had risen Friday, the rest of the market had turned in a mixed performance, with falling stocks outnumbering rising issues.
Volume was dampened somewhat Monday by the Martin Luther King Jr. holiday and the strike on the Long Island Railroad, which stranded some stock brokers.
″The momentum is still there,″ said Raymond DeVoe, an analyst for Legg Mason Wood Walker. ″There still seems to be a lot of money sloshing around ready to come in.″