Closing Market Report

Associated Press

Tuesday, April 8, 1997

Dow gains 53 led by IBM

NEW YORK -- Stocks rallied into the close today, extending the the modest rebound from the recent selloff even though interest rates rose back toward a seven-month high in the bond market.

The Dow Jones industrial average gained 53.25 points to close at 6,609.16 after trading nearly unchanged for most of the session. In the past three sessions, the blue-chip barometer has recouped about 132 of the 400 points it shed over the previous five.

Advancers led decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,359 up, 1,126 down and 830 unchanged. NYSE volume was 448.86 million shares vs. 453.42 million yesterday.

Broad-market indicators also finished with modest gains.

The Standard & Poor's 500-stock list climbed 3.99 to 766.12, and the NYSE's composite rose 1.63 to 402.31. The Nasdaq index rose 6.02 to 1,257.37, and the American Stock Exchange composite ended 0.98 higher at 561.42.

Stocks were pressured early on by a weak bond market, where prices fell and the yield on the 30-year Treasury bond rose as high as 7.12 percent, matching Friday's seven-month high, before settling at about 7.10 percent.

Bellwether technology shares, which have led the market's partial rebound, turned higher in the afternoon. The sector had struggled in the morning despite some better-than-expected first-quarter profit reports by Motorola Inc. and Advanced Micro Devices Inc.

IBM Corp. led the Dow's advance for the second straight session, continuing to rebound from last week's worries that the computer maker won't meet earnings expectations. IBM shares ended the day up $4.125 at $136.625.

The weakest issue in the industrial average was Procter & Gamble Co., which lost $1.50 to close at $115.75

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