Dow rises 8.91 points in another quiet session


September 02, 1992|By Bloomberg Business News

NEW YORK -- Stock prices finished narrowly higher yesterday in another quiet session, with no signs of improvement in the economy to boost equities or the dollar.

The Dow Jones industrial average rose 8.91 points, to 3,266.26, partly on the strength of computer-guided buy orders at the close. The Dow fell short of recouping Monday's loss of 10.26 points.

Broader market averages also gained. Standard & Poor's 500 index rose 2.04, to 416.07, and the NASDAQ Composite index climbed 2.49, to 565.61. Advancers outpaced decliners by 8 to 6 on the New York Stock Exchange.

The pace of trading picked up from Monday but remained moderate, with about 173 million shares traded on the Big Board. Active turnover is unlikely to resume until after Monday's Labor Day holiday.

"People are waiting for some good economic news, and there isn't any," said Barry Berman, head trader at Robert W. Baird in Milwaukee. "And the dollar is still a concern."

The latest economic reports suggest that a recovery will not accelerate until after the November presidential election, analysts said.

The Commerce Department said the index of leading economic indicators inched up 0.1 percent in July, while construction spending fell 0.6 percent.

"You've got the employment data on Friday, but I just don't think it makes any difference," Mr. Berman said. "There's also a reluctance to do any selling because people have no interest in raising cash."

The benchmark 30-year bond rose 3/4 , to yield 7.38 percent, down 3 basis points.

Rallies in airline, oil and high-technology shares like IBM, Intel and Motorola lifted the overall market, said Edward Collins, executive vice president of institutional trading at Daiwa Securities America.

AMR Corp., parent of American Airlines, rose 1 7/8 , to 57 3/8 ; UAL Corp., parent of United Airlines, gained 3 3/8 , to 107 1/2 ; and Delta Air Lines climbed 2 1/2 , to 52 1/2 , amid signs that industry fare wars are abating. Several carriers recently announced plans to increase prices and let discounts expire.

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