Market Is Up on a Quiet Trading Day

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Equities capped the week and the month with a moderate rally as the truncated post-Thanksgiving session brought the year's lowest trading volume.

The

Dow Jones Industrial Average

traded as high as 7853.22, up 58.44, around noon EST but weakened in the final hour of trading. By the early 1 p.m. close, the blue-chip measure was up 28.35 to 7823.13.

The other major indices hung onto advances as well, with the broad

S&P 500

up 3.76 to 955.40, the tech-filled

Nasdaq Composite Index

up 6.05 to 1600.55 and the small-cap

Russell 2000

up 1.76 to 429.92.

"I'm quite impressed with how resilient this market is in the face of all the news," said Bob Dickey, chief technical analyst at

Dain Bosworth

in Minneapolis. "Maybe the Far East problems will affect us far into the future sometime, but for the short term we're looking really good. Until we've got some concrete numbers to work with as far as how the Asian problems might affect earnings, the market's going to continue to rally. I think we're going over

Dow 8000 again. Of course, that's just a stone's throw away. We could see new highs."

The

Dow Jones Utilities Average

is already there, today setting its third straight all-time high with a tiny uptick of 0.08 to 258.64. "The action in the utilities is very bullish for the overall market, bullish for rates and bullish for the economy," Dickey said.

The monthlong recovery from the Oct. 27 "market event" (or select your own euphemism) clearly has belonged to big, safe names, despite those companies' greater exposure to Asia and its many worries. For the month of November, the Dow was up 381.05, or 5.1%; the S&P 500 was up 40.78, or 4.5%; the Nasdaq was up 6.94, or 0.4%; and the Russell 2000 lagged with a loss of 3.34, or 0.7%.

"I would think that this market's going to go on the upside until the small-caps have had a really good run," Dickey said. "They're going to be late in the cycle as usual, and right now they aren't playing."

Market internals were modestly positive on trading floors that were either ghost towns or overrun by visiting kids (as at the

New York Stock Exchange

). NYSE advancers led decliners by 1,660 to 1,031 on 190.5 million shares. New Big Board highs outpaced new lows by 116 to 44. On the Nasdaq, 1,980 advancers beat 1,698 decliners on 213.8 million shares. New Nasdaq lows barely edged new highs, 78 to 73, continuing the recent trend.

For the week, the Dow lost 57.94, or 0.7%; the S&P 500 lost 7.69, or 0.8%; the Nasdaq lost 20.20, or 1.2%; and the Russell 2000 lost 5.13, or 1.2%.

In a trendless day of trading on the fixed-income side, the bellwether 30-year Treasury bond was unchanged at 101 3/32 in price, the yield remaining at 6.05%.

Friday's market action

:

Second-tier long-distance provider

ACC

(ACCC)

advanced 2 11/16 to a 52-week high of 46 3/4 after late

Wednesday agreeing to be acquired by

Teleport Communications Group

(TCGI)

in a stock deal valued at $50 per share, or about $1 billion. Teleport skidded 1 9/16 to 49.

Tel-Save Holdings

(TALK)

, which had offered its own $50-per-share bid for ACC, said it might up its offer if Teleport's share price moves outside the deal's collar (an average close between 45 and 55 in the 10 days before the deal's close). Tel-Save crept up 1/16 to 21 5/8.

GTE

(GTE) - Get Report

, which lost out to

WorldCom

(WCOM)

in wooing

MCI

(MCIC)

, ran up 7/8 to 50 3/4 on a

USA Today

report that it is in preliminary merger talks with fellow losing MCI suitor

British Telecommunications

(BT)

surged 3 3/4, or 19%, to a 52-week high of 23 3/4 after agreeing to buy

Bristol-Myers Squibb's

(BMY) - Get Report

Linvatec

medical device unit for $370 million. Bristol-Myers moved up 3/8 to 93 5/8.

Deposit Guaranty

(DEP)

rocketed 7 3/8, or 18%, to an all-time high of 48 1/4, reportedly on takeover chatter. Among the Southern banks seen as possible bidders,

Regions Financial

(RGBK)

dropped 5/8 to 38 5/8,

AmSouth Bancorp

(ASO)

dropped 1/8 to 52 1/16,

SouthTrust

(SOTR)

gained 3/8 to 54 1/2 and

Union Planters

(UPC)

gained 11/16 to 61 3/4.

Actrade International

(ACRT)

traded up 3 1/2, or 13.9%, to an all-time high of 28 11/16 after telling

Reuters

that it is in talks with investment bankers about raising additional capital.

Compressent

(CSNT)

rallied 13/16, or 11%, to 8 1/4 after deciding not to redeem its outstanding common stock purchase warrants. The company cited Wall Street's unfavorable reaction to the plan.

Travelers

(TRV) - Get Report

rose 1 5/8 to 50 7/8 after completing its $9 billion acquisition of

Salomon

. Now it's goodbye

Salomon Brothers

, hello

Salomon Smith Barney

.

Coming off a modest overnight decline in Hong Kong's

Hang Seng

index, Chinese ADRs retreated after a recent upswing.

China Southern Airlines

(ZNH) - Get Report

bounced 3 1/4 to 98 3/4 after the

Federal Trade Commission

reached a pact with the company that allows it to complete its planned acquisition of South Africa's

Sentrachem

.

Circus Circus

(CIR) - Get Report

lost 3/8 to a three-year low of 20 5/8 after

Raymond James

downgraded it to neutral from accumulate.

TMP Worldwide

(TMPW)

jumped 1 to 18 1/4 after

Morgan Stanley Dean Witter

upgraded it to strong buy from outperform.

Johnstown America Industries

(JAII)

declined 1/4 to 10 3/8 after

United Steelworkers

members rejected a tentative settlement on a new three-year collective bargaining agreement at its

Johnstown America

unit.

Perceptron

(PRCP) - Get Report

slid 3/4 to 22 1/8 after

McDonald

cut it to hold from buy and lowered fourth-quarter, full-year 1997 and 1998 earnings estimates.

Knight-Ridder

(KRI)

improved 3/8 to 50 1/8 after Morgan Stanley Dean Witter boosted it to outperform from neutral.

Capital Trust

(CT)

moved up 3/16 to 12 3/16 after

Genesis Merchant Group Securities

initiated coverage at strong buy with a 12-month price target of 17 1/2.