Stocks Show Some Pre-Holiday Pop
The stock market gave a positive performance Monday but the gains were limited amid light trading ahead of the July 4th holiday.
Activity was subdued on Wall Street because many market participants took the day off. Trading on the major exchanges and the Nasdaq Stock Market concluded at 1 p.m. EST. The markets will not reopen until Wednesday.
In moving higher, the market’s behavior was consistent with historical trends. Stocks generally advance in sessions just before holidays.
The Dow Jones industrial average rose 29.05 to 4,585.15. Increases in selected issues, including International Business Machines, up 1 5/8 to 97 5/8, and Chevron, up 1 3/8 to 47 3/4, accounted for much of the improvement in the blue-chip gauge.
Other popular indicators also finished higher.The New York Stock Exchange composite index climbed 1.15 to 292.99 and Standard & Poor’s 500 list advanced 2.34 to 547.09.
Gainers outnumbered losers by about 4 to 3 on the NYSE. Volume on the Big Board’s floor amounted to 117.14 million shares as of 1 p.m., the end of the abbreviated session.
Some of the stocks that moved substantially or traded heavily:
Eastman Kodak, up 1 3/4 to 62 3/8.
The Clinton administration announced it was launching an investigation into allegations by Eastman Kodak that it has lost billions of dollars in sales because of unfair trade practices by Japan. U.S. Trade Representative Mickey Kantor said in a brief statement that his office would start a probe of the Kodak charges under a provision of U.S. trade law known as Section 301.
Boeing, down 1 to 61 5/8.
The aircraft manufacturer said it was scaling back production on two of its jetliners.
Wal-Mart Stores, down 1/4 to 26 1/2.
Several retail stocks were mentioned favorably by Gail Dudack, a market strategist at S.G. Warburg, on a broadcast of “Wall Street Week with Louis Rukeyser.”
Protein Design Labs, down 6 7/8 to 13 7/8.
Investors dumped the stock after the company disclosed that its bone-marrow transplant drug didn’t show any clinical benefit in a study by its partner Roche Holding.
Microsoft, up 9-16 to 90 15-16.
The stock attracted attention as published reports indicated Microsoft was studying how to uncouple software for its planned on-line service from its forthcoming Windows 95 program in the event the Justice Department takes antitrust action.
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