Market Overcomes Dollar Anxiety
Selective buying helped the stock market to finish mixed Monday despite anxiety over the weak dollar.
After posting deficits almost all day, the Dow Jones industrial average dug out of hole gradually in the afternoon and ended up 7.95 at 3,997.56.
Market indicators comprising a wider range of stocks behaved similarly with the Standard & Poor’s 500 stock index also managing to climb to positive ground by the finish. The S&P; 500 crept ahead 0.21 to 485.63.
Other gauges narrowed their losses significantly. The New York Stock Exchange composite index dipped 0.18 to 263.11 and the Nasdaq Stock Market composite fell 1.02 to 797.77. The American Stock Exchange market value index lost 1.42 to 452.07.
But declining stocks retained an edge over gainers, outnumbering them by about 2 to 1 in the closing tally on the New York Stock Exchange.
Volume on the Big Board’s floor amounted to 298.86 million shares as of 4 p.m. Eastern time, down from 330.82 million Friday.
Some of the stocks that moved substantially or traded heavily:
Harley-Davidson, down 2-7/8 to 24 in heavy NYSE volume of more than 1.9 million shares
The stock sank in reaction to news disclosed last week that the company was laying off workers due to a slowdown in sales.
Hanson, unchanged at 19-1/8 in NYSE-leading volume of more than 14 million shares
Trading in American depositary receipts of the British company’s stock included numerous large blocks. There has been speculation that the company is preparing to launch a major acquisition.
A Pea in the Pod, up 1 5-16 to 5 5-16
The stock rose after news that the company will be acquired by Mothers Work in a deal valued at $23.9 million or $5.50 a share. Mothers Work rose 1/4 to 11-1/4.
America On Line, up 1-1/2 to 86-3/4 in heavy Nasdaq volume of more than 1.6 million shares.
The computer on-line company’s stock resumed its advance after some modest profit taking pushed it slightly lower.
Southwestern Life, up 7-16 to 1 9-16 in heavy American volume of more than 350,000 shares
Southwestern Life is selling its Integrity National Life Insurance Co. subsidiary to Citizens Financial Corp.
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