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Subject: Dow Closes Up 14 to End 4-Day Slide<From News Services=
Date: Thu, 19 Nov 92 04:44:31 EST
Message-ID: <6.1992Nov19.044432@AmeriCast.com>

Dow Closes Up 14 to End 4-Day Slide<From News Services=

NEW YORK, Nov. 18 - Bargain hunting and a rally in transportation
and high-technology issues helped blue-chip stocks halt a four-
day slide today.

  The Dow Jones industrial average rose 14.05 points to close at
3207.37. Advancing issues outnumbered declining ones by more than
9 to 5 on New York Stock Exchange volume of 219 million shares,
compared with 185 million Tuesday.

  Secondary stocks surged, helped by large gains in technology
and medical-related shares.  The Nasdaq index of over-the-counter
issues rose 7.80 points to end at 634.87.  "Everyone was wonder-
ing if (recent) declines, especially in the Nasdaq composite,
were signaling a pullback or just a round of profit-taking," said
Hugh Johnson, chief investment officer of First Albany. "The
answer today is that (recent losses) were just a pause - profit-
taking - which is normal and very positive."

  "I think Hewlett-Packard was probably one of the triggers,"
said David Shulman, equity strategist at Salomon Bros., of
today's market action. Although the company posted sharply lower
earnings, orders for its computer printers and mass-storage pro-
ducts were strong, he said.  Hewlett-Packard jumped 3 1/2 to 58
7/8.

 Also helping blue-chip stocks was a solid rally in transporta-
tion issues. The Dow Jones transportation index rose 13.90 points
to 1,355.13.

 Holding on to gains generated earlier by buy programs, the mark-
et also was sustained by a gradual rise on bond prices that in-
tensified in the late afternoon.  The price of the Treasury's
main 30-year bond ended  up 13/32 point, or $4.06 per $1,000 in
face amount. Its yield was 7.50 percent, down from 7.53 percent.

Overseas markets also turned higher.  The Financial Times-Stock
Exchange index in London jumped 24.8 points at 2,704, while
Japan's 225-share Nikkei average spurted nearly 5 percent.
Gainers among computer and technology issues included Intel, up 1
3/4 to 69 1/2; Novell, up 5/8 to 31 3/8; Borland International,
up 1/4 to 25; and Seagate Technology, up 7/8 to 18 5/8. Microsoft
rose 2 to 92. IBM fell 1 1/4 to 63, and Digital Equipment was
down 1/2 at 32 1/4  as both hit multiyear lows.

  Biotech and medical gainers included Tokos Medical, up 1 3/8 to
17 1/2; Chiron, up 3 5/8 to 57 1/4; and Amgen, up 2 to 74 3/4.

 Retailing stocks were strong amid upbeat expectations for the
holiday selling season.  Toys R Us climbed 7/8 to 38; The Limited
rose 1 1/2 to 25 7/8; K mart, 3/4 to 27 1/8; Gap Inc., 1 1/2 to
36 1/2; J.C. Penney, 1 1/4 to 77 7/8; and Wal-Mart Stores 3/8 to
61 3/4.

 NationsBank rose 1 3/8 to 50 1/4. Late Tuesday, an agreement was
announced for NationsBank to buy the consumer and inventory
financing operations of Chrysler Financial. Chrysler shares were
unchanged at 27 3/4.

The Standard & Poor's index of 500 stocks rose 3.58 points to
422.85, the American Stock Exchange index gained 2.20 to 386.49
and the NYSE composite index rose 1.78 to 232.87.

The dollar finished lower against most major currencies despite a
report that the U.S. trade deficit shrank in September. In New
York, the dollar fell to 123.70 Japanese yen from 124.35 yen, and
1.5895 German marks from 1.5920.

Oil futures continued a downward drift following a report that
crude oil supplies had dropped. Light sweet crude oil for
delivery in December settled at $20.19 per barrel, down 7 cents,
on the New York Mercantile Exchange.

02:05 11-19C9999-----

Copyright 1992, The Washington Post.  This story is from the
Washington Post's Capitol Edition On-Line and is not to be ar-
chived or redistributed.

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