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Stocks Post Moderate Gains; Dow 30 Up 7.40

January 01, 1985|From Times Wire Services

NEW YORK — The stock market chalked up a moderate gain Monday, ending an uninspiring year on a positive note.

The Dow Jones average of 30 industrials rose 7.40 to 1,211.57, closing out 1984 with a net loss of 47.07 points, or 3.7%.

Volume on the New York Stock Exchange came to 80.26 million shares, up from 77.07 million Friday.

For the year, turnover on the Big Board came to slightly more than 23 billion shares, surpassing the record of 21.6 billion set in 1983.

"This was a year in which neither the bulls nor the bears were fulfilled," said William LeFevre at Purcell, Graham & Co. "Moves--either way--tended to erupt quickly and then die out just as quickly."

Interest rates rose slightly in light activity in the credit markets Monday. Rates on short-term Treasury bills moved up as much as a tenth of a percentage point, and prices of long-term government bonds, which move in the opposite direction from interest rates, declined slightly.

Phillips Petroleum fell 1 1/8 to 44 3/4. A Wall Street Journal article said analysts viewed the recapitalization plan put together by the company to forestall a recent takeover bid as "a high-risk gamble."

Toys 'R' Us dropped 3/4 to 38 5/8. The stock fell 7 7/8 last week when the company said its Christmas season sales didn't meet expectations.

Montana Power, which reduced its dividend late last week, lost 1 1/8 to 19.

In the plus column, the regional telephone stocks finished off a strong year, aided by better-than-expected performance at the companies and falling interest rates, with more gains.

U.S. West climbed 1 1/8 to 70 1/2, Bell Atlantic rose 1 to 80 3/4, Ameritech gained 1 to 76 3/4, Southwestern Bell rose 5/8 to 70 3/4, Nynex rose 3/4 to 74, Pacific Telesis rose 3/8 to 68 7/8 and Bell South gained 3/8 to 34.

In the daily tally on the Big Board, advancing issues outnumbered declines by about five to three

Large blocks of 10,000 or more shares traded on the NYSE totaled 1,233, compared to 1,281 on Friday.

The federal funds rate, the interest on overnight loans between banks, traded at 9%, up from 8 3/4% late Friday but down from 9.52% at the end of 1983.

Bond prices slipped Monday in very light trading, leaving yields on long-term Treasury bonds about a third of a percentage point lower than they were at the end of 1983.

Yields on three-month Treasury bills fell more sharply over the course of the year, winding up more than a full percentage point lower than a year ago.

In the secondary market for Treasury bonds, prices of short-term governments were down 2/32 point, intermediate maturities fell 3/32 point and long-term issues were down point.

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