NEW YORK -- Technology shares drove the stock market to new highs today despite a weak bond market, where long-term interest rates jumped to worrisome levels. Dow up 37.50 in tech-led rally
The Dow Jones industrial average added 37.50 points to Friday's record finish, closing at 7,383.41. The blue-chip barometer had started the day by sliding 43 points from Friday's record close.
Decliners outnumbered advancers by a narrow margin on the New York Stock Exchange, with 1,237 up, 1,307 down and 829 unchanged. NYSE volume totaled 435.93 million shares vs. 415.50 million Friday.
The Standard & Poor's 500-stock list rose 2.68 to 849.71, and the NYSE's composite index rose 0.39 to 440.67. The Nasdaq composite index rose 19.49 to 1,409.21, and the American Stock Exchange composite index rose 0.50 to 598.44.
Broad-market indicators also padded Friday's highs. The technology-heavy Nasdaq market broke above the 1,400-mark for the first time, led by technology shares such as Intel, Microsoft and Dell Computer. IBM was the Dow's biggest gainer.
Stocks started the day mostly lower as bond prices fell, boosting the yield on the 30-year Treasury bond -- a key influence on long-
term borrowing costs -- above the unsettling 7 percent level.
There was limited reaction to a report this morning showing that consumer confidence skyrocketed to a 28-year high in May. The data ran counter to other recent signs that economic activity may be slowing enough to keep inflationary pressures under control.