Stocks mixed after gaining

January 31, 1991

NEW YORK (AP) The stock market edged upward today, then mixedafter the early advance.

The Dow Jones average of 30 industrials fell 2.23 to 2,710.89 in the first hour of trading.

Gainers outnumbered losers in early trading by about 10 to 9 in nationwide trading of New York Stock Exchange-listed issues, with 508 up, 452 down and 548 unchanged.

Volume on the Big Board came to 26.90 million shares as of 10 a.m. on Wall Street.

Analysts said investors continued to take a positive view of news about the progress of the war in the Persian Gulf.

In one development, the border town of Khafji in Saudi Arabian was said to have been "completely liberated" after being occupied earlier in the week by Iraqi forces.

Another primary force behind the market's recent advance has been a series of economic reports suggesting that the recession might not turn out as long or severe as had been feared.

Those hopes were buttressed yesterday by the Commerce Department's report that the index of leading economic indicators rose 0.1 percent in December, ending a run of four consecutive monthly declines.

Compaq Computer rose 1 to 67 3/4 on top of a 3 1/2 -point gain yesterday, when the company posted a 70 percent earnings increase for the fourth quarter of last year.

Among actively traded blue chips, USX rose 1/2 to 29 3/8 ; Boeing gained 1/2 to 48 3/8 ; Philip Morris dropped 1/8 to 55 5/8 , and McDonald's was down 1/8 at 27 5/8 .

The NYSE's composite index of all its listed common stocks gained .23 to 186.25. At the American Stock Exchange, the market value index was up .36 at 314.83.

Yesterday, the Dow Jones industrial average climbed 50.50 points to 2,713.12, its highest close since it stood at 2,748.27 on Aug. 15.

Advancing issues outnumbered declines by about 4 to 1 on the NYSE, with 1,216 up, 390 down and 392 unchanged.

Big Board volume totaled 226.79 million shares, against 155.74 million in the previous session.

On the Commodity Exchange gold for February delivery closed with a loss of $7.60 at $368.80 an ounce,after sinking to an early low of $365.10,its lowest level since Oct.16.

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