NEW YORK, DEC. 28 -- The Dow Jones industrial average added nearly 4 points in dull holiday trading today.
As they have all week, stocks continued to ignore significant movement in the bond market, where the bellwether long Treasury bond closed the day down a hefty 22/32. Meanwhile, gold prices surged on fears of war in the Persian Gulf.
At the close, the Dow stood at 2629.21, up 3.71, while declining stocks edged those advancing on the Big Board on light volume of 112 million shares. Among industry groups, however, some gold stocks benefited from the sudden afternoon surge in gold futures. Newmont rose 2 1/2 to 39 3/8, for example, while Homestake gained 1 1/4 to 18 5/8 and ASA Ltd. ran up 1 7/8 to 45 1/2.
Bank stocks, however, traded mostly lower in a continuation of Thursday afternoon's decline. Among the money-center banks, J.P. Morgan lost only 1/4 to 43 3/4, trimming a full-point loss, but First Interstate dipped 1 to 24 1/8, Manufacturers Hanover sank 1 to 21 3/4 and Wells Fargo slipped 3/4 to 58 1/2.
Georgia-Pacific dropped 1 5/8 to 37 1/8 and International Paper fell 1/4 to 53 5/8. The two companies were named defendants in a $2 billion lawsuit filed in Mississippi that alleged they had dumped dioxin and other harmful chemicals into three rivers.
On the over-the-counter market, one of the biggest gainers was Applied Biosystems, up 2 to 11 1/4, after the stock was upgraded by a Merrill Lynch analyst.
The Dow transports eased 1.88 to 911.54, while the utilities edged 0.37 lower to 210.08.
Broad stock indexes finished higher, but only marginally, in line with the Dow. The Standard & Poor's 500 was up 0.43 at 328.72, the NYSE Composite up 0.17 at 179.65, the Value Line up 0.08 at 239.48, the Amex Market Value up 0.98 at 304.65 and the Nasdaq Composite up 0.15 at 371.20.