Closing Stock Market Report

Tuesday, April 2, 1996

Associated Press


IBM rally pulls Dow up 33.96

NEW YORK - The stock market treaded water on Tuesday, livened only by a big run-up in IBM shares that sent the Dow Jones industrials higher.

The Dow Jones industrial average rose 33.96 to 5,671.68. Dow component IBM was up $7 at $117.37, representing a gain of more than 19 points in the Dow average.

A burst of late buying added more than 10 points to the Dow, but "if it had not been for IBM, it really would have been a dull, listless day," said Ricky Harrington of Interstate-Johnson Lane in Charlotte, N.C.

Advancers led decliners by 1,260 to 1,097 on the New York Stock Exchange. Big Board volume totaled 406.6 million shares vs. 390.24 million on Monday.

Broad-market indexes also were higher on Tuesday. The NYSE composite rose 0.66 to 351.60. The S&P 500 list rose 1.54 to 655.27 and the Nasdaq composite rose 4.43 to 1,111.00.

At the American Stock Exchange, the market value index rose 0.21 to 572.65.

IBM rose on the day after a report from Lehman Brothers, citing an independent research firm, said demand for IBM's core mainframe products was very strong in March.

Some computer stocks rose on IBM's coattails, but the sector was surprisingly anemic, given the strength in Big Blue, its most prominent leader.

On the Big Board, Digital Equipment and Compaq were up, but Hewlett-Packard was softer. In Nasdaq trading, Dell Computer was unchanged, and Apple Computer was off a little.

Bonds dipped early but then recovered, with the 30-year benchmark Treasury bond up 11-32 of a point and yielding 6.61 percent.




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