LATE SURGE PUTS DOW FIGURES AT NEW HIGH

The Dow Jones industrial average, bolstered by good things happening in the telecommunications industry and a judge's decision in favor of a tobacco company, soared past the 7,200 mark for the first time in history Monday.

The bulk of the 143-point increase came during the final hour as the total went from 7,075 at 2 p.m. to 7,214.49 by closing an hour later.

Big announcements concerning communications and technologies from a Las Vegas tele-communications convention in late afternoon led to late surges in the Dow.

Among big gainers Monday in the famed blue-chip average were IBM and General Electric, at three- and four-point-plus increases.

The Dow was also led by a late surge from Philip Morris, which jumped on news that rival cigarette maker RJR Nabisco had prevailed against a smoker liability suit in Florida.

Philip Morris jumped to 43 7/8, 4 points above its Friday finish.

Dow Jones has been on an upward climb during the past week, posting a 330-point gain last week. That put it within 15 points of the previous record high.

The Dow had suffered through an almost 700-point slide over a three-week period following its last record high, 7,085.16 on March 11.

The latest members of the Dow, since March -- Travelers Group Inc., Hewlett-Packard Co., Johnson & Johnson and Wal-Mart Stores Inc. -- have provided some volatile happenings to the Dow.

The new members can account for a 10 percent or more hike or decline in the Dow on any given day, say stock brokers.

In a recent announcement, one of the new members, Hewlett-Packard, announced it had agreed to buy VeriFone for $1.18 billion. VeriFone makes credit-card verification products and is moving into Internet-transaction technology.

On a 50-point day, the new Dow members can account for five of those points. On a 140-point day like Monday, they make up for about 15 points.

The newest members replaced Woolworth's, Westinghouse, Texaco and Bethlehem Steel. Bethlehem was Dow's last steelmaker, and Westinghouse planned to split into two companies.

The changes are the first in six years for the Dow.