The stock market rang up its biggest gain in more than two months Monday, recovering a big chunk of last week's losses.
The Dow Jones average of 30 industrials jumped 40.70 points to 3,045.62, for its sharpest rise since it climbed 88.10 points on Aug. 21.Other, broader market indicators showed results that were a little less emphatic. Advancing issues outnumbered declines by about 5 to 3 on the New York Stock Exchange.
Volume on the Big Board came to an estimated 160.23 million shares as of 4 p.m. EST, against 167.26 million at the same point Friday.
Analysts called the advance a technical rebound as bargain-hunters re-entered the market after the beating stocks took last week.
``There's no change in the picture,' said Michael Metz, a market analyst with Oppenheimer & Co. Metz said some of today's buying came from computer programs.
The Dow Jones industrial average lost more than 72 points last week amid gloomy earnings reports and an uncertain outlook for the economy.
The North Carolina Textile Manufacturers Association's 85th annual meeting opens Wednesday in Asheville.
The three-day meeting of the trade association for the North Carolina fiber, textile and apparel industry features a speech by Daniel T. Blue Jr., speaker of the N.C. House, and a panel discussion of world-class manufacturing.
Chuck Hayes, president of the industry group and chairman of Guilford Mills; Neil H. Hightower, president of the American Textile Manufacturers Institute, and Robert E. Swift, executive director of the Crafted with Pride in the USA Council, also will speak.
Charlotte-based Piedmont Natural Gas Co., parent of Nashville Gas Co., has purchased Plant Propane of Columbia, Tenn., a propane gas distributor with offices in Columbia and Lewisburg, Tenn. Purchase price was not disclosed.\
The Treasury Department sold $10.4billion in three-month bills Monday at an average discount rate of 4.99 percent, down from 5.04 percent last week. Another $10.4billion was sold in six-month bills at an average discount rate of 5.04 percent, down from 5.11 percent last week.
The three-month bill rate was the same as the rate on Oct. 15, which was the lowest since they sold for 4.965 percent on June 27, 1977. The six-month bill rate was the lowest since they averaged 5.03 percent on Oct. 15.
The new discount rates understate the actual return to investors - 5.14 percent for three-month bills with a $10,000 bill selling for $9,873.90, and 5.25 percent for a six-month bill selling for $9,745.70.
Rubbermaid will use recycled polyethylene film in some of its products, using technology made available by Dow Chemical Co., Rubbermaid said Monday.
``Dow is a leading manufacturer of polyethylene for stretch wrap, and Rubbermaid has pioneered the effective use of post-consumer plastics in many of our consumer containers and commercial products,' said Don Awbrey, Rubbermaid senior vice president for technology and environment.
Spokesman Harry Chapman said the recycled material could be used in making molded plastic housewares, such as waste baskets, garbage cans and laundry baskets.
A source for the used material is expected to be supermarkets and merchandisers who receive products shipped in stretch film, Chapman said.\
Investors Title Co. said net income increased 11 percent to $470,954 for the quarter ended Sept. 30. Revenues increased 10 percent to $2.8million net income per share totaled 16 cents for the third quarter, an increase of 7 percent from the third quarter last year.
T. Lamie Haga has been named chief financial officer for the Boling Co., wood furniture manufacturer.