Stock prices inched higher today amid record volume attributed to moves to capture dividends and the quarterly ``triple-witching hour,'' the simultaneous expiration of futures and options contracts. There was a crush of activity as the opening bell sounded, with volume exceeding the previous first-hour record in just 45 minutes. Trading in Occidental Petroleum accounted for almost a third of the day's volume, with most of the activity related to the company's impending quarterly dividend. In addition, traders said volume was typically heavy as the quarterly triple-witching hour got underway. Some stock-index contracts expired at the opening, while others expired at the close of trading. Analysts found nothing unusual in the heavy volume, considering the double-pronged effect of the triple-witching hour and the dividend plays. They noted, however, that such activity distorted the real motivation in the market. Alfred Goldman, director of technical market analysis at A.G. Edwards & Sons Inc. in St. Louis, said the triple-witching hour rendered the market's movements ``meaningless'' and nearly impossible to analyze. ``It is totally controled by non-market, non-economic factors,'' he said. The Dow Jones average of 30 industrials opened slightly higher but was off more than 16 points before moving back into plus territory shortly before the close.
