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Jingle bulls, jingle bulls
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December 26, 1997: 10:36 a.m. ET
Dow industrials move higher, making up for losses in previous two sessions
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NEW YORK (CNNfn) - U.S. stocks jumped at the open on Friday in a show of post-holiday cheer that saw the market rebound from losses in the previous two trading sessions.
The Dow Jones industrial average gained 53.06 to 7,713.19 just before 10 a.m. Volume was light with 26 million shares changing hands in a shortened trading day that ends at 1 p.m.
The U.S. bond market was steady, with 30-year Treasury bonds rising just 1/32 in early trading, bringing the yield down to 5.91 percent.
While the market's volatility may be pushing some investors into the safer haven of bonds, Ronald Hill, equity strategist at Brown Brothers Harriman said most individuals should stay put.
"I think you're still set for new highs in 1998, probably about 10 percent or so on the S&P 500," said Hill. "We've done 25 percent so far this year on the S&P. Reduce your expectations but I still think stocks will beat bonds and cash in 1998."
Technology stocks moved ahead after being hit by a late day sell-off in the last session on Wednesday. The Nasdaq Composite index climbed back over the 1,500 mark, rising 7.43 to 1,506.96.
The broader markets played it close to the vest, with the S&P 500 gaining 6.88 to 939.58 and the American Stock Exchange index edging up 0.06 to 662.66.
Lump of coal for retailers
The Christmas season was once again a disappointment for retailers as preliminary estimates appeared to show that holiday sales were not up to estimates for the third year in a row.
Investors were mixed on retail stocks when the markets opened. Dayton Hudson (DH) gained 1/4 to 62-1/8 while Federated Department Stores (FD), owner of Macy's and Bloomingdale's, saw its stock drop 5/8 and Sears (S) shed 3/16 to 42-1/16.
Discount chains fared better. Wal-Mart (WMT), the country's largest retailer, rose 1/16 to 37-1/4 and Kmart (KM) was up 1/16 to 11.
Shares of automotive-parts maker Dana Corp. (DCN) pushed ahead 5/16 to 43-7/8 on news that it received Federal Trade Commission approval for its $287 million acquisition of the brakes and axle business of Eaton Corp.
Real estate trust Equity Residential Properties Trust (EQR) remained unchanged at 50-5/8 after its debt and stock ratings were upgraded by the Duff & Phelps rating service, citing improvements in the trust's operating performance.
-- by staff writer Randy Schultz
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