Uninspired Dow Inches Up 4 Points

The stock market rose in sluggish trading Monday with little economic or other news to guide investors.

Analysts said many market players were reluctant to make significant commitments ahead of data scheduled for release later this week on August inflation, retail sales and industrial production.

The Dow Jones industrial average rose 4.22 points to 4,704.94.

Advancing issues narrowly out-numbered declines on the New York Stock Exchange. Volume on the floor of the Big Board came to 298.15 million shares as of 4 p.m., vs. 317.27 million in the previous session.

“There was a lot of hesitancy today,” said Hugh Johnson, chief investment officer at First Albany.

Some of the stocks that moved substantially or traded heavily:

NYSE

IBM, down 2-1/2 at 96-3/8.

A report in The Wall Street Journal suggested the stock may have reached a high for now. The article said many investors were selling the stock.

Western Digital, down 2-5/8 at 18.

The company said its fiscal first-quarter earnings would at best achieve the lower end of analyst’s estimates.

UJB Financial, down 2-7/8 at 33-3/4.

The company agreed to merge with Summit Bancorp in a deal valued at $1.2 billion.

Micron Technology, up 4-1/2 at 94-3/8.

The stock traded actively amid speculation that the company’s fiscal third-quarter earnings would be strong. The company is expected to announce its earnings in the last week of September. The stock pulled other technology issues higher.

NASDAQ

Cyrix, down 4-3/16 at 44.

The stock tumbled after rising last week amid takeover rumors.

Quantum, down 2-11/16 at 23-5/16.

Robertson Stephens & Co. cut earnings estimates for the company and lowered it’s rating because of concerns about lowered disk prices.

AMEX

Urohealth Systems, up 7/8 at 4.

The company reached an agreement to buy Osbon Medical Systems Ltd. for 15 million shares in a deal valued at $47 million.