Blue Chips Propel Dow Past 4,200

Blue chip stocks starred on Wall Street Tuesday and the Dow Jones industrial average surged past 4,200 for the first time.

The popular Dow indicator climbed 33.20 to 4,201.61, easily beating the old mark of 4,172.56 achieved last Thursday.

Market analysts offered numerous explanations for the strength in stocks.

“I think it mainly reflects the increasing conviction that we are going to have a soft landing (in the economy),” said Michael Metz, an Oppenheimer & Co. vice president.

In another plus for stocks Tuesday, the dollar was steadier after recovering from a session low against the Japanese yen in Tokyo trading. Japan’s central bank encouraged the dollar to rebound by intervening in the currency markets.

In other overall market statistics, gainers outnumbered losers by about 12 to 7 on the NYSE.

Volume on the Big Board’s floor amounted to 330.55 million shares as of 4 p.m. Eastern time, up from 296.43 million Monday.

Some of the stocks that moved substantially or traded heavily Tuesday:

NYSE

Host Marriott, down 5/8 to 10 7/8.

The company’s Chief Executive Officer and President Stephen Bollenbach is resigning to become senior executive vice president and chief financial officer at Walt Disney.

Chrysler, down 2 1/4 to 39 7/8.

Disappointing March sales data from the auto industry caused Salomon Brothers to reduce earnings estimates for the Big Three automakers. Other brokerages also responded negatively to the March car and light truck sales. General Motors fell 1 1/8 to 43 1/2 and Ford fell 1/2 to 26 5/8.

DuPont, up 5/8 to 61 5/8.

The stock was in the spotlight after Seagram disclosed its intention to sell its 25 percent stake in DuPont for nearly $10 billion amid reports that the proceeds will be used to buy all or part of the film and entertainment company MCA. Seagram fell 1 7/8 to 28 1/2 in NYSE trading.

NASDAQ

Sybase, down 16 1/8 to 23.

The stock’s investment rating was slashed by numerous brokerages after the company issued a gloomy preview of its first-quarter financial performance. The company estimated it will earn 3 cents to 6 cents a share in the first quarter on revenues of $213 million to $216 million.

AMEX

Pegasus Gold, up 1/4 to 12 3/4.

The company reportedly will announce a plan to acquire the remaining 42 percent of the shares of Zapopan N.L. it doesn’t already own.