Stocks struggled to a narrow gain today, primed by the previou
Aug. 07, 1987
NEW YORK (AP) _ Stocks struggled to a narrow gain today, primed by the previous session's rally and strong economic data but restrained by pre-weekend profit taking that kept the Dow Jones industrial average from surpassing 2,600.
Analysts said that despite another strong performance by technology issues, a decrease in the unemployment rate and growing demand for U.S. stocks from abroad, a number of investors cashed their gains, partly because of fears that any weekend hostility in the Persian Gulf might hurt the market Monday.
''The market did okay today, but nothing to write home about,'' said Hugh A. Johnson, senior vice president of the First Albany Corp. investment firm.
''Everybody is still kind of restive about what's happening the Persian Gulf,'' he said. ''You don't want to go home with positions if the gulf thing is going to blow up on us.''
The Dow Jones average of 30 industrials closed 2.23 points lower to 2,592.00.
Gaining issues outnumbered losers by more than 8-to-7 on the New York Stock Exchange, with 870 up, 718 down and 393 unchanged.
Big Board volume totaled 212.66 million shares, against 191.95 million in the previous session.
The NYSE's composite index rose 0.50 to a record 180.87.
At the American Stock Exchange, the market value index was off 0.32 to 361.06.