Path: utzoo!utgpu!watserv1!maytag!looking!clarinews From: clarinews@clarinet.com (JANICE KIRKEL, UPI Business Writer) Newsgroups: clari.biz.market.report Subject: Newspage Stocks Keywords: economy, business Message-ID: <1Rstocks_99@clarinet.com> Date: 17 Jan 90 08:59:09 GMT Lines: 50 Approved: clarinews@clarinet.com ACategory: usa Slugword: stocks Priority: regular Format: regular X-Supersedes: ANPA: Wc: 542; Id: a2215; Sel: na--a; Adate: 1-16-540pes; Ver: ld Codes: ynexrxx., ynegrxx., xxxxxxxx Note: (complete writethru -- end of day's trading) NEW YORK (UPI) -- Stocks closed higher Tuesday in active trading, with the blue chips up sharply, boosted by a rally in technology issues and bargain hunting by institutions. The Dow Jones industrial average, which fell 19.84 Monday, rose 23.25 to 2692.62, after being down as much as 28 points in early trading. Broader market indicators kept pace with the Dow industrials. The New York Stock Exchange composite index rose 1.66 to 188.37. Standard & Poor's 500-stock index rose 3.75 to 340.75. The price of an average share gained 32 cents. Advances edged declines, 800 to 710, among the 1,971 issues crossing the NYSE tape. Losers had led by as much as 5 to 1 in early trading. Big Board volume totaled 186,070,000 shares compared with the 140,590,000 shares traded Monday, the Martin Luther King, Jr., holiday, when banks and government offices were closed. Analysts said bargain hunting by institutions after the market's plunge last week as well as a rally in the technology sector pushed the market into the plus column. Bolstering computer stocks were surprisingly strong earnings reports from Intel Corp. Tuesday and NCR Corp. Monday, they said. ``Institutions took the opportunity to buy on weakness,'' said Peter Vandenberg, vice president of equity trading at Shearson Lehman Hutton Inc. ``And there's been buying in the technology sector. IBM's earnings are supposed to come out soon and they're supposed to be okay,'' he said. Just before midday, a round of computerized program buying, used to profit on price differences between stocks and stock index futures, boosted prices from sharply lower levels, analysts said. The Dow industrials had been down as much as 28 points, having fallen from the opening on a plunge in the Tokyo market overnight and weakness in the bond market. On the trading floor, Philip Morris was the most active NYSE issue, up 1 1/4 to 39 3/8. Citicorp was second, down 1/2 to 26. Aristech Chemical was third, up 5 1/2 to 24 5/8. Volume of NYSE-listed issues, including trades in stocks on regional exchanges and in the over-the-counter market, totaled 217,797,910 shares, up from 168,125,080 shares traded in the previous session. Prices closed lower in active trading on the American Stock Exchange. The Amex Market Value index closed off 0.17 to 368.41. The price of an average share lost 1 cent. Declines led advances, 337 to 240, among the 821 issues traded. Composite volume totaled 17,873,000 shares, compared with 15,396,480 shares traded Friday. Kingdom of Denmark ``put'' warrants on the Nikkei index, which effectively function as bets that the Tokyo stock market will fall, led the Amex issues, off 1/2 to 5 3/8. The National Association of Securities Dealers composite index rose 3.52 to close at 440.16.