The stock market opened 1987 with a bang today.
Jan. 02, 1987
NEW YORK (AP) _ The stock market opened 1987 with a bang today.
At 10 a.m., the Dow Jones average of 30 industrial stocks stood at 1,918.03, up 22.08 in the first half-hour of trading.
Gainers outpaced losers by about 8-to-1, with 961 issues up, 124 down and 328 unchanged.
New York Stock Exchange volume totaled 15.63 million shares.
While the market closed out 1986 in a series of losing sessions, some traders had said that passage of the Dec. 31 deadline for making transactions under the old tax law would give the market a positive jolt in the first session this year.
After posting a 3.52-point gain on Dec. 26, the Dow average went on to slide 34.45 points during the first three days of this week. Dealers blamed the selling on new tax rules giving worse treatment to capital gains in 1987.
With that selling out of the way, the market was set for a session of solid buying, they said.
Even a few self-professed bears said they expected positive activity today - or in the near future. But citing broad weakness in the breath of the market over the past few weeks, they warned that correction was likely to follow.
The NYSE's composite index of all its listed common stocks stood at 140.20, up 1.62.
At the American Stock Exchange, the market value index was up 1.57 at 264.84.
On Wednesday, the last day of trading before the New Years Day holiday, the Dow Jones industrial average closed down 12.66 points at 1,895.95.
Decliners outpaced gainers by 813 to 792, with 469 issues unchanged.
Volume stood at 139.17 million shares.