Closing Market Report

Associated Press

Wednesday, August 20, 1997

Dow continues rally,
gains 103

NEW YORK -- The Dow Jones industrial average rolled to its third consecutive 100-point gain today, pushing back above 8,000 as the stock market extended its lightning quick recovery from this month's sharp pullback.

The Dow, which rose 108 points on Monday and nearly 115 yesterday, rose another 103,13 points to close at 8,021.23 today.

It was the first three-session streak of 100 point gains in the the Dow 's history.

The blue-chip average is now up more than 24 percent on the year, but still sits about 238 points below Aug. 6's record close at 8,259.31.

NYSE volume was 518.14 million shares vs. 545.58 million yesterday. Advancers led decliners by more than a 2-to-1 margin on the New York Stock Exchange, with 1,954 up, 901 down and 546 unchanged.

Broad market indexes also advanced for the third straight day, led again by the technology-rich Nasdaq composite index.

The Standard & Poor's 500 list rose 13.34 to 939.35, the NYSE index rose 4.29 to 483.83, and the American Stock Exchange composite rose 5.54 to 646.76.

The Nasdaq composite index rose 27.96 to 1,628.67, less than two points shy of its record close of 1,630.44, also set Aug. 6.

The rally came despite a weak day in the bond market, where interest rates rose after a robust reading on export activity aggravated some inflation fears.

The price of the Treasury's main 30-year bond was off 14/32 point while its yield rose to 6.54 percent from 6.51 percent late yesterday.

Prices and yields move in opposite directions.




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