Stock Surge Slows; Volume Tops 200 Million --- Profit Taking and Weak Bond Market Are Key Factors; Retail Investors Move In
Profit-takers and a weak bond market put the brakes on the stock market's three-day surge, but volume soared past 200 million shares for the second consecutive trading day.</br></br>The Dow Jones Industrial Average moved up a meager 0.88 point, to 1202.96.</br></br>While institutions continued to be very heavy players, there were indications that large numbers of retail investors helped fuel yesterday's trading frenzy. At one point the tape delay on the New York Stock Exchange was more than 21 minutes, an indication that more smaller trades were being executed.</br></br>Trading volume on the Big Board was more than 203 million shares, the second highest ever; surpassed only by last Friday's 236.6 million shares. Trades of at least 10,000 shares, a reflection of institutional activity, fell to 4,101 from Friday's record 4,782.</br></br>Most investors and market analysts predicted more bullish days ahead. But some cautioned that the gains may not be as dramatic as last week's, and they predicted the market will get more choosy in making its stock selections.