Dow Soars Record 44.01 : Average Closes at New High of 1,971.32
- Share via
NEW YORK — Stock prices zoomed to record levels today as the New Year advance that began with a bang on Friday moved into a second day.
The Dow Jones Industrial Average closed up a record 44.01 points at 1,971.32, toppling the record close of 1,955.57 recorded on Dec. 2 of last year.
The 44.01 rise eclipsed the previous record one-day gain of 43.41, set Nov. 3, 1982.
Advances led declines 7-to-1 on a New York Stock Exchange volume of about 181.85 million shares compared with 91.88 million shares traded Friday.
Analysts said today’s rise and Friday’s 31.36-point gain reflected an end to last year’s tax-selling pressures.
“You had a lot of people selling for profits and then you had a lot of selling for losses and tax deductions in 1986,” explained Eldon Grimm, a stock analyst with Birr Wilson & Co. “Now you get an automatic rebound.
Tables in Business Section
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
