Dow gains marginally

STOCK prices remained narrowly mixed in lacklustre trading early yesterday as the market continued to consolidate its recent record-setting gains.

The Dow Jones industrial average, which retreated 23.17 points on Wednesday, was ahead 1.04 points to 4,463.07 at 11 am.

A big loss in Dow component Philip Morris weighed on the key barometer.

Philip Morris, which topped the Big Board actives, was down following a report that documents obtained by The New York Times showed the world's largest tobacco company studied the effects of nicotine on smokers.

Declines topped advances 1,002 to 772 among the 2,654 issues crossing the New York Stock Exchange tape.

The volume traded amounted to about 89.9 million shares, compared with 98.4 million shares traded in the corresponding period on Wednesday.

On Wall Street, Smith Barney technical analyst William Raftery said if bonds did not improve, the market could come under even further profit taking and test the 4,400 level on the Dow.