Rally Pushes Dow Index To Highest Close Since '87: 13-Point Gain Puts Stocks Above 2200 Mar
NEW YORK, Jan. 11ÛÓThe stock market revived its early-1989 rally today with a late round of buying that carried the Dow Jones industrial average past 2200 to its highest close since the market crash of October 195/.</br></br>The Dow Jones average of 30 industrials climbed 13.22 points to 2206.43. Advancing issues outnumbered declining ones by about 4 to 3 in nationwide trading of New York Stock Exchange-listed stocks.</br></br>Volume on the floor of the Big Board came 148.95 million shares, up from 140.42 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 175.71 million shares.</br></br>Analysts said that pattern had disappointed some traders hoping to see the average climb to fresh new postcrash highs. However, when no strong selling pressure developed in today's session, the bulls got another chance, and they took advantage of it.</br></br>Brokers said the market drew continuing support from buying by money managers at investing institutions seeking to put some of their large cash reserves to work at the start of a new year.