The stock market showed some spotty gains today, getting support
NEW YORK (AP) _ The stock market showed some spotty gains today, getting support from unexpectedly favorable economic news.
The Dow Jones average of 30 industrials rose 8.93 to 2,673.82 by 11 a.m. on Wall Street.
But losers slightly outnumbered gainers in nationwide trading of New York Stock Exchange-listed issues, with 597 up, 624 down and 578 unchanged.
Volume on the Big Board came to 106.29 million shares at midmorning.
Activity was swollen by the quarterly ″triple witching hour,″ involving the last trading in a group of expiring options and futures on stock indexes.
There had been concern that professional traders engaged in multiple strategies involving those contracts would depress the market with a barrage of sell orders for stocks.
But at the opening the market absorbed whatever pressure resulted from the witching hour, with a big assist from the latest data on the state of the economy.
The Labor Department reported that the producer price index of finished goods dropped 0.4 percent in August for its third consecutive monthly decline.
And the Commerce Department said the nation’s trade deficit narrowed to $7.58 billion in July from a downward-revised $8.01 billion in June.
Gainers among the blue chips included Merck, up 1/4 at 70 5/8 ; American Express, up 3/8 at 36 1/4 ; General Motors, up 1/2 at 49, and Eastman Kodak, up 1/4 at 48 3/8 .
The NYSE’s composite index of all its listed common stocks rose .14 to 191.09. At the American Stock Exchange, the market value index was off .36 at 380.58.