The stock market showed little change today, levelling off after T
NEW YORK (AP) _ The stock market showed little change today, levelling off after Tuesday’s strong rally.
The Dow Jones average of 30 industrials, up 51.85 points on Tuesday, rose another .42 to 2,338.49 by 2 p.m. today on Wall Street.
Gainers held a narrow edge on losers in the overall tally of New York Stock Exchange-listed issues, with 760 up, 726 down and 424 unchanged.
The market’s upsurge Tuesday was attributed to increased confidence about the outlook for the dollar and interest rates.
On Tuesday, the Treasury began a three-day quarterly financing with an auction of three-year notes.
A full appraisal of the refunding won’t be possible until Thursday’s offering of 30-year bonds is completed, analysts say. There are hopes that Japanese investors will be strong bidders in that offering because of wide differentials between U.S. and Japanese interest rates.
In the view of many observers, a successful Treasury financing might well be a signal of new stability for the dollar in foreign exchange and interest rates in this country.
Burlington Industries climbed 4 3/4 to 63 1/4 . Investor Asher Edelman and the Canadian company Dominion Textile raised the price of their bid for Burlington from $60 to $67 a share and began a tender offer.
The NYSE’s composite index of all its listed common stocks was unchanged at 166.34. On the American Stock Exchange, the market value index was up 2.04 at 330.33.
Volume on the Big Board came to 142.32 million shares with two hours to go.