The stock market edged upward today, still hovering in the narrow
Dec. 12, 1989
NEW YORK (AP) _ The stock market edged upward today, still hovering in the narrow range that has prevailed since the beginning of last week.
The Dow Jones average of 30 industrials rose 5.12 to 2,733.36 in the first half hour of trading.
Gainers outnumbered losers by about 5 to 4 in nationwide trading of New York Stock Exchange-listed issues, with 550 up, 433 down and 557 unchanged.
Volume on the Big Board came to 24.38 million shares as of 10 a.m. on Wall Street.
One apparent plus for the market was a forecast from a group of corporate purchasing executives that the economy will avert a recession in 1990, although growth will be only moderate. That assessment came in the National Association of Purchasing Management's semiannual forecast.
However, stocks got little help from the bond market, where prices and interest rates showed only mixed and small price changes.
Analysts said many investors were preoccupied with yearend maneuvering of their portfolios for tax purposes or, in the case of professional money managers, in preparation for reports to employers and clients.
In the blue-chip sector, Philip Morris rose 1/8 to 42 1/2 ; Exxon gained 1/4 to 50; International Business Machines was unchanged at 96 1/8 , and American Telephone & Telegraph was steady at 44 3/8 .
The NYSE's composite index of all its listed common stocks added .18 to 193.01. At the American Stock Exchange, the market value index was up .11 at 375.15.
On Monday the Dow Jones industrial average slipped 3.20 points to 2,728.24.
Declining issues outnumbered advances by a 5 to 4 margin on the NYSE, with 833 issues down, 662 up and 482 unchanged.
Big Board volume totaled 147.13 million shares, against 144.91 million in Friday's session.