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The closely watched Dow Jones average of 30 blue chip industrials rose 7.68 to 1,047.49, an all-time high. Standard & PoorÛªs 500 stock index climbed 0.47 to 119.87, also an all-time high. Advances led declines, 745 to 687, among 1,795 issues on the tape. The average price of a NYSE common share gained 14 cents.</br></br>The Amex's price change index climbed 05 to 26.68, and gaining issues t o p p ed losers 524 to 404 among the ÛÏThe market shows that the path of least resistance is still up,Û said Robert Stovall, analyst with Reynolds Securities Inc.</br></br>Despite three sessions of strong gains in which the Dow rose some 36 points since last Friday, the market resisted profit taking, he noted.</br></br>ÛÏNormal January reinvestment demand that always surfaces at the beginning of a new year also helped the market,Û said Larry Wachtel, analyst with Bache & Co.</br></br>7.7	per cent drop. The company projected fiscal 1974 earnings at a level lower than some brokers had been anticipating.