Stocks Inch Up In Sluggish Market

Stocks finished modestly ahead Monday after drifting through an uneventful session.

Investors were hesitant to make big moves in the market while awaiting a heavy schedule of U.S. Treasury borrowing this week. The auctions are expected to show whether Japanese investors are stepping up dollardenominated investments, something that could bode well for stocks.

The Dow Jones industrial average managed to cling to most of the gain it acquired in the early going. It rose 9.86 to 4,693.32.

Volume was lighter than it has been recently with 276.04 million shares changing hands on the New York Stock Exchange as of 4 p.m. On Friday, 313.59 million shares traded on the Big Board. Gainers outnumbered losers by about 6 to 5 on the NYSE. All the widely watched market indicators ended with gains.

“It was a very dull day,” declared Alfred E. Goldman of A.G. Edwards & Sons Inc. in St Louis. “The market has been in a timeout for a week now and it’s trying to catch its breath.”

Some of the stocks that moved substantially or traded heavily:

NYSE

General Motors class E, up 2-1/2 to 46-1/8.

Investors accumulated the stock after General Motors announced a plan to spin off Electronic Data Systems Corp., the computer services company it bought from founder Ross Perot in 1984. GM said it would exchange capital shares of EDS on a one-for-one basis for shares of GM class E stock, which now pays dividends based on EDS performance.

American Waste Services, down 1-1/8 to 3-1/2.

The stock was a focus of attention following news that investor H. Wayne Huizenga and his associates are interested in acquiring waste management businesses to enhance their holdings of Republic Waste Industries. American Waste also released flat second-quarter income.

Chrysler, up 1-5/8 to 51-1/4.

Tracinda Corp, an investment vehicle of investor Kirk Kerkorian, said it has secured a $100 million credit line to buy more shares of Chrysler.

Browning-Ferris Industries, down 5/8 to 33-7/8.

The stock remained under pressure amid concerns about the potential growth of landfills and recycling prices.

NASDAQ

Cyrix, up 2-1/2 to 27-5/8.

The stock was heavily traded after a favorable research report by an analyst at Needham & Co.

Lattice Semiconductor, down 4-3/4 to 32-7/8.

The stock’s investment rating was cut to “buy” from “strong buy” by a Needham & Co. analyst.