Stock prices advanced broadly today as Wall Street’s bull mark
NEW YORK (AP) _ Stock prices advanced broadly today as Wall Street’s bull market kept charging ahead.
The Dow Jones average of 30 industrials, which closed above 1,500 Wednesday for the first time ever, rose 2.63 to 1,514.33 in the first hour today.
Gainers outnumbered losers by more than 2 to 1 in the early tally of New York Stock Exchange-listed issues.
Analysts said encouragement over falling interest rates and recent weakness in oil prices kept the market in high gear.
The bill passed by Congress late Wednesday mandating an end to federal budget deficits by 1991 has also stirred up a lot of excitement on Wall Street.
″Tax cuts dominated the early ’80s, and spending cuts will dominate the late ’80s,″ said John Connolly at Dean Witter Reynolds Inc., an analyst who has been writing enthusiastically about the legislation for several weeks.
RCA dropped 21/2 to 61 and General Electric fell 3/4 to 671/8 . RCA shares jumped 103/8 points Wednesday before the announcement Wednesday evening that GE had agreed to acquire the company for $66.50 a share.
Energy stocks gained ground, rebounding from a selloff early in the week. Exxon rose 11/2 to 511/2 ; Mobil 3/8 to 291/2 , and Chevron 7/8 to 351/2 .
At 10 a.m., the NYSE’s composite index of all its listed common stocks was up .41 at 119.21. The American Stock Exchange market value index climbed 2.18 to 243.34.
On Wednesday the Dow Jones industrial average climbed 12.50 to 1,511.70, extending its gain since Sept. 17 to 213.54 points.
Advances outpaced declines by nearly 2 to 1 on the NYSE. Big Board volume totaled 178.47 million shares, the fifth largest total on record, against 156.50 million in the previous session.