Jul. 26--The Asbury Park Press/Bloomberg 75 index rose 4.2 percent last week on signs that the recession has hit bottom and could improve by the end of the year.

The index, made up of 75 companies either headquartered at the Shore or with significant operations in New Jersey, was at 97.54 Friday at 5 p.m., up 3.93 points.

Sixty-four companies advanced and 11 companies declined.

The index has risen 1.3 percent since the beginning of the year.

The companies with the biggest percentage gains were: Great Atlantic & Pacific Tea Co., $5.51, up $1.18, or 27.3 percent; Ingersoll-Rand Plc, $27.48, up $5.79, or 26.7 percent; Avis Budget Group Inc., $8.05, up $1.50, or 22.9 percent; Gannett Co. Inc., $5.80, up $1.02, or 21.3 percent; and Vonage Holdings Corp., 41 cents, up 7 cents, or 20.4 percent.

Montvale-based Great Atlantic & Pacific, a supermarket company, said it reached agreements to receive $175 million from investors that included Ron Burkle's Yucaipa Cos. The company last week said it would close its Pathmark store on Route 35 in Wall because of the store's poor financial performance.

Ingersoll-Rand, a Bermuda-based manufacturer, reported second-quarter income fell 52 percent to $122.1 million, or 38 cents a share. But it topped analysts' estimates after cutting costs through layoffs and plant closings.

The companies with the biggest percentage losses were: Sun Bancorp Inc., $4.52, down $1.01, or 18.3 percent; PNC Financial Services Group Inc., $34.17, down $3.51, or 9.32 percent; Lockheed Martin Corp., $74.08, down $7.01, or 8.64 percent; Wells Fargo & Co., $23.47, down $1.53, or 6.12 percent; and Hudson City Bancorp, $13.65, down 62 cents, or 4.34 percent.

Bethesda, Md.-based Lockheed fell after it said second-quarter net income declined 17 percent on rising pension costs and delays to three of the company's new information service contracts from bid protests. The U.S. Senate also voted to end funds for its F-22 jet.

And San Francisco-based Wells Fargo, which acquired Wachovia, said bad loans jumped in the second quarter as the recession made it harder for borrowers to keep up with payments.

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