Technology Gains Add Up For Dow

Stock prices roared back from some early profit taking Thursday with technology stocks extending the Nasdaq Stock Market’s twoweek rally to nearly 8 percent.

The Dow Jones industrial average gained 13.01 to close at 5,566.91, coming back from a deficit of 45 points by early afternoon. The barometer of big U.S. companies also gained support from the bond market, where a late jump in prices brought interest rates lower.

The Nasdaq composite rose 7.34 to 1,184.17, the sixth straight record close for the technology-laden index. The Nasdaq has surged amid expectations that its many technology issues and small-company stocks will benefit most from an improving economy.

The Russell 2000 index of smaller companies set its sixth straight record and has risen 5 percent in just two weeks.

Other broad-market measures ended the day higher after spending much of the session in negative territory.

Advancing issues outnumbered decliners by about 6 to 5 on the New York Stock Exchange, where volume totaled 462.12 million shares as of 4 p.m.

Some of the stocks that moved substantially or traded heavily:

NYSE

DuPont, down 3 at 80-1/4.

Two investment firms downgraded the stock a day after DuPont reported that its first quarter earnings fell more than 8 percent due to lower profits from chemicals, fibers and plastics that more than offset a gain in its oil business.

Mesa, unchanged at 3-7/8.

Billionaire investor Marvin Davis, who last year launched a campaign to challenge Boone Pickens for control of Mesa, has disclosed that he has cut his stake in the natural gas company by 25 percent and disbanded a shareholder group formed to assume management posts. Davis and Montana investor Dennis R. Washington had sought to force Mesa management to improve the company’s financial position and stock price.

Dayton Hudson, unchanged at 92-5/8.

J.C. Penney, up 1/8 at 48-3/4.

Dayton Hudson disclosed it had rejected a takeover bid worth up to $6.8 billion from J.C. Penney earlier this year and there have been no further talks between the huge retailers.

Vanstar, up 1-1/2 at 15.

The provider of computer network products and services agreed to acquire certain assets and assume certain liabilities of Dataflex’s western region unit for about $34 million.

NASDAQ

Immune Response, up 2 at 11-7/8.

The company said its technology to treat a form of leukemia received patents in Europe and Australia. Immune Response said patents for the B cell lymphoma technology were issued to the University of Brussels and licensed to the company.