Blue-Chip Stocks End Modestly Higher
NEW YORK, Jan. 22ÛÓA continued wave of buying in cyclical shares today helped the stock market post modest gains.</br></br>The Dow Jones industrial average ended up 3.79 points at 3256.81 after trading in a 17-point band. Gaining issues led declining ones by about 10 to 7 on New York Stock Exchange volume of 293,3 million shares.</br></br>ÛÏThere hasn't been anything to ruffle the market," said Jack Solomon, a technical analyst at Bear Stearns. "Tlris may be part of the honeymoon with [President] Clinton here."</br></br>Smaller-capitalized stocks were led further into record ground as gains in technology issues nudged the Nasdaq composite index to its third closing high this week. The Nasdaq composite index finished up 0.86 points to 701.63.</br></br>Auto, cyclical and technology stocks drew bids, and even some battered drug issues showed signs of revivalÛÓ as did the economy.