Slips And Chips

The Dow Jones industrial average managed solid gains during the shortened week, gaining 1.6 percent to settle at 10,410 at the end of Thursday. (Markets were closed Friday in observance of a national day of mourning for the funeral of Ronald Reagan.) Thursday gains came from the retail and semiconductor industries. News that Target had sold its Marshall Field’s unit to May Department Stores for more than $3 billion boosted the retail sector to early gains. Later in the day, the Semiconductor Industry Association forecast that this year’s sales would rise by close to 30 percent, thanks to strong demand for computer and cell-phone chips. On the Big Board, Omnicom shares declined 0.3 percent to close the week at $79.86, while IPG’s stock price climbed 4.3 percent to end at $14.70. WPP, trading as American Depository Receipts on the Nasdaq, were up 1.1 percent to close the week at $51.82.