Big Board up 10 points amid waves of orders 654 million-share day is second-busiest ever

December 21, 1996|By BLOOMBERG BUSINESS NEWS

NEW YORK -- U.S. stocks rose yesterday for a fourth straight day, in the second-busiest session in New York Stock Exchange history. Trading was unusually active because of the expiration of stock options and index futures.

The advance sent the Dow Jones industrial average 10.76 higher to 6,484.40, a day after its biggest rise since March. For the week, the Dow rose 179.53 points, or 2.85 percent, its best week since early November.

Coca-Cola Co. led advancers. Declines in Intel Corp. and Microsoft Corp. helped push the Nasdaq composite index 7.3 lower, to 1,288.56.

At one point yesterday, the Dow average had surged 75.35. Some 654.3 million shares changed hands on the NYSE, exceeded only by the volume of last July 16. Advancing issues outnumbered decliners 1,585 to 955.

When the market opened, dozens of companies' stocks were delayed on the NYSE because of order imbalances.

The Standard & Poor's 500 index rose 3.11 to 748.87.

The Russell 2,000 index of small-company stocks rose 0.61 to 356.71; the Wilshire 5,000 index jumped 20.15 to 7,222.65; the American Stock Exchange market value index climbed 3.48 to 582.01; and the S&P midcap index added 0.17 to 253.06.

Coca-Cola, the second-biggest S&P 500 stock after General Electric Co., rose $1.75 to $52.875, extending Thursday's $2.75 increase. The soft-drink maker yesterday said it expects worldwide case sales to rise about 10 percent in the fourth quarter, a sharp improvement from the third quarter, and the stock was upgraded to "buy" at Lehman Brothers and Salomon Brothers.

Yields on benchmark 30-year Treasury bonds rose 10 basis points to 7.61.

Telephone stocks rallied. Ameritech Corp. added $1.75 to 458.375; GTE Corp. gained $1.125 to $43.625; and Bell Atlantic Corp. climbed $1.25 to $62.75.

Minnesota Mining and Manufacturing Co. shares gained $2.50 to $84.75 after it and other makers of silicone breast implants won a major victory in an Oregon lawsuit. Bristol-Myers Squibb Inc., another implant maker, rose $3.25 to $112.50.

Mobil Corp. rose 50 cents to a record $124.50, and British Petroleum Co. climbed 62 1/2 cents to $138.75, after the two said they see larger-than-expected savings from a joint venture.

Herman Miller Inc., an office furniture maker, climbed $5.875 to $51.75 on higher earnings.

Financial Trust Corp. of Carlisle, Pa., vaulted $10.8125 to $40.0625. Keystone Financial Inc. agreed to buy the bank for $371 million in stock, a move that will cut costs and add customers in Maryland and central Pennsylvania. Keystone fell $1 to $25.75.

Boeing Co. gained $2.25 to $105.375 and McDonnell Douglas Corp. gained 87 1/2 cents to $64.50. Both were still capitalizing on news of their pending $14.5 billion merger.

Pub Date: 12/21/96

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