The stock market managed a small gain yesterday, overcoming periodic profit-taking with the help of some better-than-expected inflation news. The Dow Jones average of 30 industrials rose 4.78 to 2455.99, closing out the week with a net gain of 19.29 points.
Volume on the New York Stock Exchange slowed to 172.13 million shares from 195.40 million in the previous session.
Before the opening, the Labor Department reported that the producer price index of finished goods rose 0.2 percent in June, coming in below most advance estimates on Wall Street.
While the general market was making little progress, many individual issues experienced wide swings in response to takeover news, rumors or other special situations.
Phillips-Van Heusen jumped 5 1/8 to 24 7/8. The company said it received an unsolicited $22-a-share takeover proposal from Rosewood Financial Inc. Southland Corp. gained 1 to 79. Traders have bid the stock up in the last couple of days on speculation that the company, which has agreed to be bought out by its founding family for $77 a share, might attract a higher offer.
The Standard & Poor's index of 400 industrials rose 0.91 to 359.82, and S&P's 500-stock composite index was up 0.85 at 308.37.
The Nasdaq composite index for the over-the-counter market gained 0.42 to 173.57. At the American Stock Exchange, the market value index hit a new high for the fourth straight session, up 0.21 at 347.00.