Stocks rebound to another record Dow industrials up 13 points, to 6,219

November 09, 1996|By BLOOMBERG BUSINESS NEWS

NEW YORK -- U.S. stocks rose to records again yesterday in a late rebound amid enthusiasm for an investor-friendly economy, giving the Dow Jones industrial average its best weekly gain in more than three months.

The Dow average rose 13.78 to 6,219.82, paced by Merck & Co., after having been down nearly 25 points. For the week, the 30-stock average gained 198 points, or 3.3 percent, its best rally since the week of Aug. 2.

The benchmark Standard & Poor's 500 index rose 3.17 to 730.82 yesterday, its fourth straight record.

Trading numbered 402.3 million shares. Advancing issues outnumbered those that declined by 13 to 11 on the New York Stock Exchange.

The Nasdaq composite index gained 3.36 to 1,257.50, within a point of its all-time high; the Russell 2,000 index of smaller shares rose 0.27 to 344.56; the Wilshire 5,000 index jumped 24.06 to 7,069.89, its third record in a row; the American Stock Exchange market value index climbed 1.14 to 580.39; and the S&P mid-cap index advanced .65 to a record 248.95.

The Bloomberg Maryland stock index, a price-weighted list of 100 companies with operations in the region, gained 0.43 to 150.93.

Human Genome Sciences Inc rose $2.75 to $39.75. Guilford Pharmaceuticals Inc rose $1.375 to $28.625.

Among drug makers, Pfizer Inc. rose $1.25 to $90 yesterday, and Eli Lilly & Co. gained $1.125 to $77.75.

The yield on the benchmark 30-year Treasury bond, which plunged to eight-month lows this week amid signs of tepid growth in the economy, closed the week at 6.50 percent, down from 6.68 percent last Friday.

NationsBank fell 50 cents to $94.125 and Fleet sank 62 1/2 cents to $51.50.

Dime Bancorp Inc. bucked the decline in bank shares, gaining 87 1/2 cents to $16 in trading of 3.8 million shares, more than nine times its daily average. Investors said the New York-based savings and loan is a prime takeover candidate.

Liquor companies were strong after their trade group decided to lift a self-imposed ban on television and radio advertising to boost flagging sales. Seagram Co., distiller of Chivas Regal and other liquors, rose $1.125 to $38.625. Brown Forman Corp., which makes Jack Daniels, rose 1.125 to 45.375.

Shares of Novell Inc., which sells networking software, jumped $2.375 to $11.50 amid speculation that the company would be taken over, traders said.

Pub Date: 11/09/96

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