Closing Market Report

Associated Press

Tuesday, October 15, 1996


Dow remains above 6,000

NEW YORK - The Dow Jones industrial average briefly plunged below 6,000 today, a day after its first close above that milestone, as profit-taking offset strong earnings reports from market bellwethers such as Intel and General Motors.

The Dow fell 5.22 to 6,004.78, rebounding from a nearly 40-point deficit that came after the Dow surrendered an early 34-point gain.

Decliners outnumbered advancers by a 6-to-5 margin on the New York Stock Exchange, with 1,091 up, 1,312 down and 848 unchanged.

NYSE volume totaled 458.87 million shares vs. 322 million yesterday.

The Standard & Poor's 500-stock index fell 0.99 to 702.55, and the NYSE's composite index fell 0.63 to 373.60.

The Nasdaq composite index rose 1.75 to 1,258.11, and the American Stock Exchange index fell 3.68 to 575.65.

Most broader stock measures also turned lower today, but the technology-rich Nasdaq market managed a small gain, padding yesterday's record finish amid enthusiasm for computer-related shares following Intel's earnings report.

Yesterday the Dow notched its first close above 6,000, strolling to a 40-point gain in light holiday trading. The move past the 6,000 mark came less than a year after the blue-chip barometer's first close above 5,000 and less than 20 months after the first finish above 4,000.

Some big acquisitions spiced up the session, but trading was dominated by the earnings reports.




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