Closing Market Report

Associated Press

Monday, April 7, 1997

Bargain hunters
add 30 to Dow

NEW YORK -- Technology shares led a modest rally for the second straight session today as investors mustered some more confidence for bargain hunting after the market's steep two-week downturn.

The Dow Jones industrial average rose 29.84 to 6,555.91, padding Friday's 48-point gain.

Advancers outnumbered decliners by more than a 2-to-1 margin on the New York Stock Exchange, with 1,742 up, 804 down and 779 unchanged. NYSE volume totaled 453.42 million shares vs. 537.27 million Friday.

The Standard & Poor's 500-stock list rose 4.22 to 762.12, and the NYSE's composite index rose 2.66 to 400.68. The Nasdaq composite index rose 14.61 to 1,251.34, and the American Stock Exchange composite index rose 3.71 to 560.44.

Bond prices rose today as the yield on the 30-year Treasury bond fell to 7.07 percent. On Friday, the widely watched yield shot to 7.12 percent percent, the highest closing level since September, after a key report on employment revealed more inflationary pressures in the economy.

Even with the market's encore performance to Friday's advance, few analysts were convinced that the market's near-term troubles have ended.

Many are looking for a drop of at least 10 percent from the highs set earlier this year by leading market measures such as the Dow, which had lost 400 points in five sessions before Friday's advance, and the Standard & Poor's 500. At last week's lows, both of those measures were down about 8 percent from their highs.




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