The gain was even smaller than the fractional gain recorded on Tuesday, yet it brought the index a step closer to 3,800, a psychologically significant level.

Wider indicators than the Dow showed only fractional gains.

Most leading blue-chip issues showed only fractional gains or losses.

The Nasdaq composite, meanwhile, managed a fractional gain.

Most other issues among the actives showed only fractional gains or losses.

The S.& P. 500 finished with a fractional gain.

The Dow Jones industrial average fell 1.64 points, to 2,267.34, but other indexes had fractional gains that lifted them to new records.

And those fractional gains have meant the difference between a profit and a loss.

In any event, the wide market swings left most of the Big Board's most actively traded issues with fractional gains or declines.

Then a few stocks made fractional gains.