The stock market, in another wild day, was heading for record volume Thursday afternoon.
After about five hours' trading on the New York Stock Exchange, volume amounted to more than 117 million shares, despite news of bankruptcies and business closings. The volume set a new record for that hour.
Prices were also sharply and broadly higher, with the Dow Jones industrial average up about 11 points close to 3 p.m.
Robert Farrell, a highly regarded Merrill Lynch, Pierce, Fenner & Smith analyst, who had been pessimistic about the market's outlook, triggered an early buying surge when he changed his position, numerous observers said.
The trading stampede indicates there still are billions of dollars left to be invested in stocks. Traders, who had bought top-tier stocks from the outset, have branched into virtually every group