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Dow Gains 3.66 as Stocks Advance for 6th Straight Day

January 10, 1987|From Times Wire Services

NEW YORK — The stock market rang up its sixth straight gain Friday, extending its early-1987 rally to new heights despite periodic bouts of profit taking.

The Dow Jones average of 30 industrials rose 3.66 to 2,005.91, closing out the week with a gain of 78.60 points.

That marked the best weekly showing by the average since it soared 92.91 points in mid-March of 1986.

Volume on the New York Stock Exchange came to 193.03 million shares, against 194.52 million Thursday.

Analysts said it was no surprise to see some traders cashing in their gains early in the session after a 106.30-point run-up in the Dow Jones industrial average over the first five sessions of 1987.

They also said a few investing institutions may have set the 2,000 level as a target for profit taking.

In the bond market, the Treasury Department's key 30-year bond advanced more than $6 per $1,000 in face amount, and its yield fell to 7.28% from 7.32% on Thursday. Corporate and municipal issues also rose.

In Friday's session, the standout was the Dow Jones average of 20 transportation stocks, which climbed 10.65 to 853.92, helped by advances in the airline group.

ICN Pharmaceutical fell 4 to 21. After a sharp rise lately, the stock gyrated widely as the company said clinical trials had shown one of its drugs to be effective in preventing the development of acquired immune deficiency syndrome, or AIDS.

Analysts said traders who had bid up the stock lately evidently had been hoping for more dramatic results in the test report.

MCA rose 1 3/8 to 43 7/8 on a report that Walt Disney Co. might be interested in MCA's film library.

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