Closing Market Report

Associated Press

Friday, November 28, 1997

Dow rises 28

NEW YORK -- Wall Street drew confidence from strengthening Asian markets today and investors looked for a boost to the U.S. economy on the first day of the holiday shopping season.

On Wall Street, the Dow Jones industrial average rose 28.35 to 7,823.13 in light day-after Thanksgiving trading, reversing the previous session's modest decline. The abbreviated trading day ended at 1 p.m. (EST), with broad market indexes mostly higher.

The barometer of blue chip stocks was down 57.94 for the week, but it remains up 21 percent for the year.

NYSE volume was 189.08 million shares, vs. 484.06 million shares Wednesday. Advancers beat decliners by a 3-to-2 margin on the Big Board, with 1,693 up, 1,029 down and 551 unchanged.

In the broad markets, the Standard & Poor's 500-stock list rose 3.76 to 955.40, the NYSE composite index rose 1.79 to 499.10, and the Nasdaq composite index rose 6.05 to 1,600.55. The Russell 2000 index gained 1.76 to clos eat 429.92.

Bucking the trend, the American Stock Exchange composite index dipped 0.38 to 662.11.

The price of the Treasury's main 30-year bond was up 1/16 point, or 62 cents per $1,000 in face value. Its yield, which moves in the opposite direction, was steady at 6.05 percent from late Wednesday. Markets were closed yesterday for Thanksgiving.

Asian stocks, which have recently proved volatile, added to American investors' calm. Tokyo stock prices rose Friday for the third straight session on expectations the government will assist Japan's faltering financial and real estate industries.

Yamaichi Securities Co., a major Japanese brokerage, said it was bankrupt on Monday.

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