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Dow Reverses Gear, Manages to Rise 15.84

January 23, 1991|From Times Wire Services

NEW YORK — After losing more than 43 points since Monday, Wall Street stocks turned around to close with moderate gains today with the market still occupied by Persian Gulf developments.

The Dow Jones average of 30 industrials closed with a gain of 15.84 points at 2,619.06. Advancing issues outpaced decliners by nearly a 2-1 margin. Volume on the New York Stock Exchange was an active 169.44 million shares.

Although stocks rose, they ended off their peaks after Iraq launched more missiles against Saudi Arabia and Israel. Traders said the market remains preoccupied with war developments, although signs of higher interest rates are buoying the market.

After an outburst of encouragement last week over signs of initial success in the war against Iraq, the markets have quieted down considerably in the last few days.

Analysts said many investors were now inclined to await tangible signs of how the conflict is going and how long it is likely to last.

At the same time, brokers noted tentative hopes for an improved economic outlook later in 1991.

Alan Greenspan, chairman of the Federal Reserve Board, said Tuesday the recession in the U.S. economy might end by midyear. "Downward pressures on activity may be lessening," he said in an appearance before the House Budget Committee.

Minnesota Mining & Manufacturing fell 4 1/8 to 80 7/8.

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