Dow Climbs Above 8,000 Before Retreating

Stocks rose only modestly Thursday as a broad rally fizzled after briefly hoisting the Dow Jones industrial average back above 8,000.

The Dow rose just 36.28 to 7,922.72 after retreating from an early-afternoon gain of 135 points that put the blue-chip barometer above 8,000 for the first time since Aug. 21.

Broader stock indicators also pulled back from the day’s highs as bonds surrendered most of an early rally that sent interest rates falling for the fifth consecutive session.

“This has been an incredibly strong week for bond market. It may have run out of steam after one of its best weeks in a long time,” said Robert Freedman, chief investment officer for the John Hancock Funds in Boston.

Before the afternoon downturn, big company measures such as the Standard & Poor’s 500 flirted with record highs for the first time since early August.

Even with the pullback, the Nasdaq market padded Wednesday’s record finish, and the Russell 2000 index of smaller companies closed at a record high for the fifth straight session and 14th time in 16 sessions. The small-company dominated American Stock Exchange composite index also set its fifth consecutive record high.

Advancing issues outnumbered decliners by a nearly 3-to-2 margin on the New York Stock Exchange, where volume was heavy at 566.85 million shares as of 4 p.m.

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

NYSE

Whirlpool, up 8-1/16 at 64-7/8.

The appliance maker plans to cut 4,700 jobs and sell its financing business to San Francisco-based Transamerica for $1.35 billion. Whirlpool said its third-quarter earnings will be reduced by $350 million due to costs related to the restructuring.

Georgia-Pacific, up 3-1/8 at 101-3/4.

The Atlanta-based forest products company said late Wednesday it expects its third-quarter profits to be well above analyst forecasts.

Tektronix, up 5 at 67-3/8.

The company announced plans to cut about 250 jobs from its video and networking division as part of an effort to return to profitability.

Revlon, down 3-5/8 at 49-1/16.

The cosmetics concern cautioned analysts about lower-than-expected third-quarter revenue, the Dow Jones News Service reported.

NASDAQ

Memtec, up 9-1/2 at 34-1/8

U.S. Filter of Palm Desert, Calif., said late Wednesday it will offer to acquire Memtec, an Australian water-filter maker, for $30 a share.

Florsheim Group down 7/8 at 10-3/4.

Rodman & Renshaw reduced its 1997 earnings forecast for the footwear company, the Dow Jones News Service reported.