NEW YORK, JUNE 10 -- The stock market rode out alternating waves of buying and selling to post a small gain today in stepped-up trading.
The Dow Jones average of 30 industrials, up about 30 points and down about 15 at its midsession extremes, closed with a gain of 0.91 at 2353.61.
Volume on the New York Stock Exchange reached 197.44 million shares, up from 164.18 million in the previous session.
Interest rates dropped in early activity, lifting stock prices.
Treasury Secretary James A. Baker III said the economic summit that concluded in Venice today produced "real progress" on a variety of issues.
Brokers also said expectations are running high for second-quarter earnings reports, which will start coming out in less than a month.
That helped prompt some investing institutions to step up their buying in order to show increased stock holdings when they make their midyear reports to clients at the end of June, analysts said.
But the bond market gave up most of its gains as the session progressed. That touched off a wave of afternoon selling in the stock market, which left prices fluctuating erratically just before the close.
With all its fits and starts, the market managed to post its third straight gain this week. The Dow Jones industrial average shows a net advance of 27.46 points since last Friday's close.
Allegis climbed 2 to 92 3/4 and led the active list on turnover of more than 3.3 million shares. The company, which has been the subject of various restructuring proposals and which announced on Tuesday that its chairman had resigned, said it probably will sell its hotel and rental car operations and concentrate on its United Air Lines business.
Other airline issues, which have given the Dow Jones average of 20 transportation stocks a lift to record highs this week, were mostly higher. NWA added 1 to 72 1/4; AMR 7/8 to 60 3/8, and Delta Air Lines 1/2 to 57 5/8.
JWT Group jumped 9 3/4 to 49. The company said it received a $45-a-share takeover proposal from WPP Group, a British marketing firm.
Traders bid the stock up past WPP's price, evidently anticipating competition for control of JWT.
International Business Machines was a drag on the blue-chip sector, falling 2 1/8 to 157 3/4. Analysts said the pressure on the stock was prompted by unconfirmed rumors of delays affecting the company's new line of personal computers.
Advancing issues outnumbered declines by about 5 to 4 on the NYSE. The exchange's composite index edged up 0.15 to 167.53.
Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 230.29 million shares.