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Stocks Add to Gains; Dow Up 39.90

November 2, 1998

NEW YORK (AP) _ Stocks opened higher today, padding a sharp two-session advance that’s lifted most indexes to the highest level since late August.

At 10 a.m. on Wall Street, the Dow Jones industrial average was up 39.90 at 8,632.00, adding to a 210-point gain from the prior two sessions. Broader stock indicators were also posting modest gains.

Stocks rose sharply on Thursday and Friday, rallying into to close another volatile October that began with a slide back toward the summer’s lows. The ensuing 15 percent rebound left the Dow with its biggest one-month gain since 1987.

While a report on Friday showed that business activity was surprisingly brisk during the third quarter, the latest economic readings remained troubling.

A national association of factory executives reported today that manufacturing activity slowed for the fifth straight month in October as the global economic crisis continued to weaken U.S. exports.

In other early trading today, the Standard & Poor’s 500 index was up 4.65 at 1,103.32, and the technology-heavy Nasdaq composite index was up 13.17 at 1,784.56.

Advancing issues outnumbered decliners by nearly a 3-to-1 margin on the New York Stock Exchange, where volume came to 93.59 million shares, about even with Friday’s early pace.

The NYSE composite index was up 2.93 at 546.28, and the American Stock Exchange composite index was up 5.94 at 651.35.

Overseas, Japan’s Nikkei stock average rose 2.9 percent. In afternoon trading, Germany’s DAX index was up 2.1 percent, Britain’s FT-SE 100 was up 1.8 percent, and France’s CAC-40 was up 1.6 percent.

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