Stocks Rise But Trading Is Sluggish
Volume on the New York Stock Exchange was 140.30 million shares, down from 164.17 million in the previous session.</br></br>Analysts generally were pleased that the securities markets quickly stabilized Wednesday after the jolt of Tuesday's news that Paul A. Volcker would be stepping down as chairman of the Federal Reserve Board.</br></br>Stocks and bonds benefited from widespread praise for Alan Greenspan, the man picked as Volcker's successor. Many Wall Streeters spoke of Greenspan as a "Volcker clone" on policy matters.</br></br>But observers weren't totally impressed by the advance in stock prices Wednesday and today, noting that it lacked the kind of trading volume that would suggest broad-based enthusiasm.</br></br>They said some investors apparently were inclined to remain cautious pending next week's economic summit meeting in Venice.