Yesterday, computerized buy programs probably accounted for much of the market's gain, rather than investor sentiment.

Shortly afterward, the stock market began to rally, bolstered by buy programs.

He said the buy programs hit the market shortly after 2:30 P.M. and lasted for about an hour.

But they picked up most of their gains late in the session, aided by some computer-generated buy programs, analysts said.

He estimated the buy program lifted the Dow by eight points yesterday.

Computerized buy programs helped accelerate the stock rally in the last few minutes of the session.

An eight-minute buy program just before the end of the day carried the market back up nearly 9 points.

A 17-minute buy program starting around 11:40, Birinyi said, drove prices up nearly 14 points.

But a huge buy program submitted at the last minute by Salomon Brothers turned a down day into a 16-point advance.

According to Birinyi Associates, there was only one major buy program and two sell programs during the session.