Dow Edges Up In Seesaw Session

Bonds took the stock market for a wild and choppy ride Wednesday, leaving prices mixed at the close.

The Dow Jones industrial average surged as much as 46 points before noon, but it closed with a gain of just 8.99 at 4,160.80. Still, that was the ninth record closing high for the industrial index since March 10.

Stocks rose in the morning along with bond prices, after the Commerce Department reported a 14 percent drop in new home sales in February. But stock gains evaporated as bonds turned tail after a weak response to the Treasury’s auction of 5-year securities.

Bonds clawed their way back in the last hour, with the 30-year bond up 3/16 near the end of the session. Traders said that provided some comeback power to stocks.

Advancing issues squeaked past decliners by 1,078 to 1,070 on the New York Stock Exchange, with 820 unchanged. Big Board volume was heavy at 385.92 million shares as of 4 p.m., up from 320.36 million on Tuesday.

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

NYSE

Clark Equipment rose 28 1/8 to 81 1/4.

Ingersoll-Rand unchanged at 32 1/8.

Ingersoll-Rand may launch a hostile tender offer for Clark following Clark’s rejection of Ingersoll’s cash bid of $75 to $77 per share, or $1.3 billion, The Wall Street Journal reports.

Boeing rose 7/8 to 52 1/2.

Boeing’s Commercial Airplane Group said Bavaria Fluggesellschaft of Munich confirmed an order for two added Next-Generation 737-700 twinjets and asked for options on two more.

The Limited fell 1/4 to 21 3/4.

The stock rose 2 3/8 on Tuesday after the retailer said it may restructure some of its operations into two publicly held companies, one for women’s apparel and another for lingerie and personal care.

Micron Technology fell 6 1/4 to 78 1/2.

Texas Instruments fell 3 3/8 to 94 1/4.

Investors took profits in technology issues, including semiconductor and computer stocks.

NASDAQ

Intel fell 1 7-16 to 87 1-16.

Microsoft fell 1 3/8 to 72 1/4.

Adobe Systems fell 2 to 48 1/4.

Investors took profits in technology issues, including semiconductor and software issues.

AMEX

NTN Communications fell 5/8 to 5 5/8.

The company posted a net gain for 1994 of 3 cents per share, compared with a loss of 8 cents in 1993. The company reported a fourth-quarter loss of $419,000.