Dow rises 83.7,
nears another record

by,AP NEW YORK -- Stocks charged back toward record levels today as the market's sudden bout of interest rate jitters continued to fade with another day of favorable economic data.

The Dow Jones industrial average rose 83.70 points to 9,147.07, a gain of nearly 200 points in two days and within 40 points of the April 21 closing record of 9,184.94.

Advancers led decliners by an 8-to-5 margin on the New York Stock Exchange, with 1,832 up, 1,135 down and 515 unchanged. NYSE volume was 571.84 million shares vs. 693.06 million yesterday.

Broader stock indexes also extended yesterday's rally as a series of reports on manufacturing, construction, and personal income and spending reinforced arguments that the economy isn't growing at an inflationary pace.

The Standard & Poor's 500 list rose 9.25 to 1,121.00, the Nasdaq composite index gained 5.03 to 1,873.44, and the NYSE composite index climbed 4.54 to 581.90. The Russell 2000 index of smaller companies rose 2.05 to 484.94, and the American Stock Exchange composite index was up 3.34 to 749.86.

The price of the Treasury's main 30-year bond was up 7/32 point, or $2.19 per $1,000 in face value, by, while its yield fell to 5.93 percent from 5.94 percent late yesterday.

Stocks tumbled on Monday amid reports that the Federal Reserve was now prepared to raise its key lending rates to prevent an inflationary spurt. The market rallied back yesterday, however, after a report showing that employment costs were contained in the first quarter of 1998.