Investors Keep Dow On Fast Track

Stocks extended their advance Monday with moderate gains that were enough to lift key market indicators to new closing highs.

The Dow Jones industrial average spent most of the session drifting around its starting point. But a late round of buying pushed the blue-chip to 4,157.34, up 18.67. It was the third record in a row.

Broader market barometers also beat their prior bests set Friday.

Gainers outnumbered losers by about 5 to 3 on the Big Board where the trading pace eased from Friday. Volume on the Big Board’s floor came to 296.19 million shares as of 4 p.m. EST, compared with 357.90 million in the previous session.

Reports depicting slower economic growth have been welcomed by Wall Street as evidence that the Federal Reserve’s interest rate policy has fostered a non-inflationary economic environment.

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

NYSE

USAir, up 1 1/8 to 6 1/4.

The stock rose in response to news that the pilots’ union has agreed to a 20 percent pay cut and other concessions under a tentative pact that could save the carrier $190 million a year for five years.

A report in The Wall Street Journal suggesting the airline business is becoming profitable helped airline stocks and boosted the Dow Jones transportation average. AMR rose 2 3/4 to 64 7/8, Delta rose 3 3/8 to 61 5/8 and UAL rose 6 7/8 to 102 5/8.

Callaway Golf, down 1 1/2 to 14.

The stock sagged amid reports of rising inventory and increasing competition from other golf club manufacturers.

Chrysler, down 7/8 to 38 5/8.

The automaker announced it will replace the rear liftgate latches on all 1984-94 minivans, ending an 18-month investigation into whether the rear liftgates open on impact. The action technically isn’t considered a recall.

NASDAQ

Microsoft, down 7/8 to 73.

Reports circulating of serious glitches in the introduction of the company’s delayed Windows95 operating system drew negative attention to the stock.

AMEX

American Maize-Products class A, up 3 1/8 to 39 5/8.

The company is the target of a hostile $40-a-share takeover attempt by Erigania Beghin-Say. American Maize’s Chairman William Ziegler III has failed in legal attempts to block the tender offer by the Parisbased suitor.