Stocks Turn In Mixed Performance

The stock market put in a mixed performance on Thursday as investors dumped technology issues in favor of blue-chip cyclical names, but the Dow Jones industrials climbed to another new high.

The Dow index ended 11.76 higher at 4,172.56, posting the thirteenth alltime closing high this year.

Cyclical names were boosted by a higher dollar and further evidence that the economy is growing without inflation.

The “soft landing” proponents got a boost from a Labor Department report that new claims for jobless benefits fell by 10,000 last week, suggesting the economy is expanding moderately.

But the gains in cyclical issues were curbed by a continued sell-off in technology stocks, as investors moved to book profits in this highflying sector before the first quarter ends.

Advancing issues led decliners by about 3 to 2 on the New York Stock Exchange. Big Board volume was robust at 362.02 million shares as of 4 p.m., down from 385.92 million on Wednesday.

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

NYSE

Motorola fell 2 1/8 to 55 1/4.

Micron Technology fell 4 to 74 1/2.

IBM fell 5/8 to 82 3/8.

Investors sold technology stocks, which have performed well throughout the first quarter, to book profits before the quarter’s end.

AT&T rose 3/8 to 52 3/8.

Sprint fell 1 3/8 to 30 3/8.

Bell Atlantic fell 7/8 to 53 5/8.

Ameritech fell 1/4 to 42.

Bell South fell 3/4 to 59 5/8.

GTE fell 3/8 to 34 1/4.

Nynex unchanged at 40.

Pacific Telesis fell 1/8 to 30 5/8.

Southwestern Bell fell 1 to 42 5/8.

US West, unchanged at 40 1/2.

The Federal Communications Commission ordered a $1 billion reduction in the payments long-distance carriers make to local companies to begin and end longdistance calls. The cuts are less than long-distance companies and consumer advocates wanted.

NASDAQ

Intel fell 1 11-16 to 85 3/8.

Microsoft fell 1/8 to 72 1/8.

Computer stocks moved broadly lower as investors took profits in this sector before the end of the quarter.

AMEX

Echo Bay rose 3/8 to 10.

Pegasus Gold rose 1/2 to 12 1/4.

Hecla Mining rose 1 1/8 to 11 1/8.

Sunshine Mining rose 1/4 to 1 7/8.

Gold and silver stocks rose as the price of gold and silver surged.