Stocks Rise 3.91 Points to 2075.21 After a Last-Minute Mini-Rally
A last minute mini-rally pushed stock prices slightly higher yesterday after the Dow Jones Industrial Average spent most of the day in negative territory.</br></br>The industrial average closed at 2075.21, up 3.91. Advancing issues outpaced decliners on the New York Stock Exchange 854-641.</br></br>Volume on the Big Board was light, with 152.5 million shares changing hands, down from 189.6 million Friday. Yesterday's volume included nearly 16 million shares of dividend-related trading in Allegheny Power. The stock lost 1/8 to close at 39 7/8.</br></br>Traders and money managers were heartened that stock prices didn't retreat yesterday after posting a record 114-point gain last week. Although profit taking held prices mostly lower through the day, the late gain suggested to some analysts that prices will be headed sharply higher in the next few days.</br></br>"If they can't knock them down, they'll take them higher," said John Brooks, managing director of Marshall & Co. in Atlanta. "Basically there's still some positive feeling emerging concerning interest rates. The market is saying rates aren't going higher, and if that's true there's way, way too much cash on the sidelines."