Stocks Close Year With Gain to Records: Dow Industrials Rise 5.57
Volume -was 7.25 million shares compared with 7.06 million yesterdayÛÓconsiderably less than some Wall Streeters had expected for a yearend session when last-minute tax transactions and portfolio switches usually boost the total to one of the highest in a year.</br></br>Bethlehem Steel's surprise announcement of a $5-a-ton price increase for structural shapes and piling caught Wall Street flat-footed. Steel shares, which were narrowly-mixed at the opening, surged ahead to gains of 1 or 2 points, but quickly retreated from their best prices. Bethlehem, which had been up lVa at its best, closed at 40^8 for a net loss of %.</br></br>The vigorous early leadership of the steels, however, sparked many other sections of the list. The market as a whole was well ahead all day, closing a little below its best prices. Selective gains by big blue chips boosted the averages to new highs.</br></br>The Dow Jones industrial average rose 5.57 to 969.26, topping the previous record close of 966.36 made Dec 23</br></br>The Associated Press average of 60 stocks rose 18 to a new high of 358.5, bettering the previous peak of 357.3 made Dec. 22. The AP industrials rose 2.7 to a historic high, rails rose 1.3 and utilities .3.