NEW YORK, JULY 9 -- The Dow Jones industrial average rose 9 points today to close at 2914 in what traders termed follow-through action from Friday's 25-point gain. But New York Stock Exchange volume remained anemic, expanding only a few million shares over Friday's pace, which was the lightest of the year.
The market cheered the bullish camp by shrugging off a bond-market decline. The 30-year Treasury bond, down 10/32 as stocks opened, extended losses to 14/32 as they closed, yielding as much as 8.559 percent.
The bond market, still smarting from Friday's lower-than-expected June unemployment reading, was further depressed by jitters over incoming supply this week from Treasury auctions of $5 billion in 30-year savings and loan cleanup bonds for the Resolution Trust Corp. on Tuesday and a record $8 billion in seven-year notes on Wednesday.
At the close, the Dow stood at 2914.11, up 9.16, while advances edged declines on the Big Board on light volume of 119 million shares.
UAL Corp. provided an early boost to market morale as investors responded to news that five major banks have agreed, albeit conditionally, to lead employees' efforts to patch together a $4.4 billion takeover agreement. But more financing must come from nonbank sources, and by the close, traders had bid the stock only fractionally higher than its opening level. UAL finished up 4 3/8 at 157 1/8.
A solid earnings report helped boost athletic-footwear maker Nike Inc. to a resounding 7 1/4 advance at 87 1/4. Nike reported fourth-fiscal-quarter net at $1.77 per share compared with 97 cents a year ago. Earnings were above the high end of the estimate range.
Selected high-technology issues, the bulwark of the spring market rally, showed some sparkle. Digital Equipment rose 1 1/2 to 84 7/8 -- the company is beginning to market a new generation of its minicomputer -- and competitor IBM also rose, up 1 at 119. High-flying Compaq surged 3 1/8 to 64 3/4, Cray added 1 to 46, Honeywell moved up 1 1/8 to 101 7/8 and Apple tacked on 1 7/8 to 46 5/8 in Nasdaq trading.
The Dow transports rose 8.39 to 1149.09, bolstered by UAL Corp., while the utilities fell 1.00 to 205.11, encouraging renewed concern that the longer-term outlook for interest rates may not be as rosy as bond traders had anticipated in the past two months.
Among broad stock indexes, the Standard & Poor's 500 was up 1.10 at 359.62, the NYSE Composite up 0.45 at 196.23, the Value Line up 0.37 at 286.42, the Amex Market Value down 0.22 at 358.65 and the Nasdaq Composite up 1.15 at 461.68.