Late Buying Lifts Dow 11
NEW YORK, July 13ÛÓA late round of buying, attributed to program trading, gave the stock market a lift in the waning moments of todayÛªs erratic session.</br></br>Advancing issues outnumbered declines by about 7 to 6 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the Big Board came to 218.93 million shares, up from 161.65 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 242.78 million shares.</br></br>A large portion of the dayÛªs activity was in dividend-related trading of a few high-yielding stocks. Otherwise, analysts said many market participants were holding back awaiting FridayÛªs report from the Commerce Department on the nationÛªs international trade balance for May.</br></br>cent run of favorable trade news may have about run its course, or that continued strength in exports may provide a fresh incentive for credit-tightening by the Federal Reserve. Alan Greenspan, the FedÛªs chairman, told a congressional committee today that the Fed took several steps to restrain the economy in recent months with the aim of keeping inflation in check.</br></br>Gainers among the blue chips included General Electric, up % at 43%; Philip Morris, up 1% at 89%; Exxon, up % at 451/6, and McDonaldÛªs, up Vz at 46%.