Stock Market Averages Gain Despite Late Profit-Taking
NEW YORK, May 22 ÛÓ The stock market moved higher in heavy trading yesterday but the list had to hold on by its fingertips as late profit-taking clipped away at the gains.</br></br>The Dow Jones industrial average jumped more than six points early in the session, then watched its lead melt away to a final reading of plus 0.47 point at 896.79.</br></br>Standard & PoorÛªs 500-stock composite was up 0.25 point to 97.18 and the New York Stock Exchange index rose 0.19 point to 54.61.</br></br>Trading volume rose to 14.2 million shares from the 13.16 million turned over on Tuesday. The pace was ahead of the previous day throughout the session.</br></br>Advancing stocks extended their lead over declines and never surrendered as much of their advantage as the slippage in the averages indicated. At the close, 820 issues were up and 484 were down, compared with 762 winners and 512 losers on Monday. The number of new 1968 highs jumped to 107 from 72 and new lows fell to 18 from 29.