NEW YORK — The stock market turned in a mixed showing Monday in a session highlighted by activity in broadcasting issues.
The Dow Jones average of 30 industrials, down 12.70 on Friday, recovered 2.32 to 1,249.67. But some other market measures came in on the minus side.
Volume on the New York Stock Exchange slowed to 94.02 million shares from 105.19 million Friday. Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, came to 114.45 million shares.
American Broadcasting soared 31 3/8 to 105 7/8 and Capital Cities Communications climbed 7 1/2 to 183 1/2, after opening delays of several hours for each. The two companies announced early in the afternoon that they had agreed on a merger plan.
Meanwhile, there was heavy buying of such other broadcasting stocks as CBS, up 6 at 94 1/2; RCA--parent company of NBC--up 2 3/8 at 40 3/8, and Storer Communications, up 4 3/4 at 64 3/8
Some Bargain Hunting
In the general market, analysts said traders were buying blue chips on the belief that many of them were artificially depressed in Friday's late decline.
Friday was the expiration date for some options on stock-market indexes. Brokers reported that professional traders engaged in complex trading strategies involving the options scrambled to sell many of the big-name stocks just before the close.
With this temporary pressure out of the way, some of the stocks rebounded.
In the blue-chip sector, American Telephone & Telegraph rose to 21 3/8, DuPont 1/2 to 51 and Minnesota Mining & Manufacturing to 81 7/8.
Phillips Petroleum's shares outstanding tumbled 4 5/8 to 44 1/2. The company, which is conducting a refinancing plan, said an offer to exchange some of its shares for debt securities had been oversubscribed. Phillips said an estimated 54% of the shares tendered would be accepted for exchange, and the rest would be returned to investors on a pro rata basis. The shares to be returned, changing hands in "when-distributed" form, traded at 36 3/4.
Analysts said the when-distributed shares commanded a significantly lower price than the other Phillips stock partly because they will be tied up in the administrative procedures of the refinancing for some time.
Precious metals stocks were strong as the price of gold rallied, climbing $8.80 an ounce to $303.30 on the Commodity Exchange in New York.
ASA Ltd. rose 2 1/8 to 51 1/8, Homestake Mining 1 3/8 to 24 3/4, Campbell Red Lake 1 1/8 to 19 and Hecla Mining 1 1/8 to 16 3/4.
Declines Led 3 to 2
In the daily tally on the Big Board, about three issues declined in price for every two that advanced. The exchange's composite index edged up 0.05 to 102.51.
Standard & Poor's index of 400 industrials rose 0.44 to 197.38, and S&P's 500-stock composite index was up 0.35 at 176.88.
The NASDAQ composite index for the over-the-counter market fell 0.83 to 277.14.
At the American Stock Exchange, the market-value index closed at 222.84, down 0.59.
The Wilshire index of 5,000 equities closed at 1,822.745, up 0.067.
Large blocks of 10,000 or more shares traded on the NYSE totaled 1,819, compared to 1,933 on Friday.
Bond Prices Decline
Bond prices fell as short-term interest rates closed mixed.
The federal funds rate, the interest on overnight loans between banks, traded at 8.562%, down from 8.812% late Friday.
But yields on three-month Treasury bills in the secondary market climbed 9 basis points to 8.55%. Six-month bills rose 5 basis points to 9.06%, and one-year bills edged up 3 basis points to 9.21%. A basis point is one-hundredth of a percentage point.
Yields on 30-year Treasury bonds rose to 11.93% from 11.85% late Friday.
Short-term Treasury bill yields fell sharply Friday, which was attributed to a "flight to quality" by investors worried about the stability of the banking system after Ohio's governor ordered 70 savings and loans closed to avoid runs by depositors.