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Subject: Dow Rises 36.47 in Afternoon Rally<From News Services=
Date: Tue, 27 Oct 92 04:30:23 EST
Message-ID: <50.1992Oct27.043023@AmeriCast.com>

Dow Rises 36.47 in Afternoon Rally<From News Services=

 NEW YORK, Oct. 26 - Blue-chip stocks and transportation issues
paced an afternoon rally in the stock market today as traders
kept a sharp watch on late developments in the presidential elec-
tion campaign.

  The Dow Jones industrial average rose 36.47 points to end at
3244.11. Advancing issues outnumbered declining ones by about 3
to 2 on the New York Stock Exchange. Volume came to an estimated
187.95 million shares, compared with 197.59 million in the previ-
ous session.  The market was bolstered by profit gains in some
leadership stocks such as Philip Morris, Merck & Co. and Procter
& Gamble. "Maybe there's a bit of relief that this earnings
period wasn't a horror show," said one trader.  Meanwhile, the
Dow transportation index, continuing a spate of recent gains,
shot up 23.17 points to 1356.34. The index is considered a barom-
eter of the economy, and analysts said its performance has been a
prop for the overall market.

  But uncertainty about the election continued to dog the market.
"There seems to be a little bit of feeling this may turn out to
be horse race," said Ron Doran, director of institutional trading
at C.L. King.

  The Nasdaq index trailed the Dow, gaining 1.61 points to
598.91. Secondary issues had been outperforming the blue-chip
stocks in the past week as investors searched for higher growth
companies.

 Among the stocks contributing to the Dow's gain, Procter & Gam-
ble climbed 2 1/2 to 53 1/2. The company said earnings for its
latest fiscal quarter set a record, excluding a $200 million
reserve for the company's withdrawal from the juice business.

  Shares of U.S. Healthcare, the volume leader in the Nasdaq
over-the-counter market, slumped 6 3/8 to 43 3/8. While its
third-quarter profits were within expectations, analysts said
results showed higher expenses and lower margins.  Other health
care companies that lost ground included Foundation Health, down
2 5/8 to 39 1/4, United Health, off 2 3/4 to 50 7/8, and Pacifi-
care, off 2 to 42 1/4.

  Philip Morris rose 1 1/8 to 75 5/8 and Merck gained 1 7/8 to
43.  In the transportation sector, point-plus gainers included
Federal Express, up 2 1/8 at 45; CSX, up 1 1/4 at 63 7/8; Norfolk
Southern, up 1 7/8 at 62 1/8; and Conrail, up 1 1/2 at 43.

 International Business Machines sagged 1 5/8 to 67 1/2 and hit a
new 10-year low.

The Standard & Poor's index of 500 stocks rose 4.07 points to
418.17, the American Stock Exchange index gained 1.92 to 376.16
and the NYSE composite index rose 1.95 to 229.78.

Treasury bond prices fell as the market grew concerned about up-
coming auctions of Treasury securities and uncertainty in the
presidential race. The price of the Treasury's main 30-year bond
was down 13/32 point, or $4.06 per $1,000 in face amount, by the
close of trading. Its yield was 7.67 percent, up from 7.63 per-
cent.

The dollar edged higher against most major currencies, led by a
gain of nearly four cents against the British pound, which fell
to $1.5852 in New York from $1.6225. The dollar finished at
121.85 Japanese yen in New York, up from 121.60, and at 1.5305
German marks, up from 1.5275.

 Crude oil futures prices settled higher in extremely light,
uneventful trading. Light sweet crude oil for delivery in De-
cember rose 8 cents to settle at $21.27 per barrel on the New
York Mercantile Exchange, breaking a string of six straight ses-
sions of declines.<02:40 10-27C9999-----

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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poration (usa@AmeriCast.COM)