NEW YORK -- Stocks pushed further into record territory today, briefly boosting the Dow Jones industrial average above 7,500 for the first time. Dow up 42.72;
flirts with 7,500The Dow rose 42.72 to close at 7,478.50, its second straight record close. The blue-chip index bobbed above 7,500 several times during the session before retreating in the last hour. The Dow -- up about 1,000 points, or 16 percent, for the year -- first broke above 6,000 in October and 7,000 in February.
Advancers led decliners by a nearly 4-to-3 margin on the New York Stock Exchange, with 1,456 up, 1,113 down and 813 unchanged. NYSE volume was 465.57 million shares vs. 488.40 million Friday.
Broader indicators also set new highs despite a weak day in the bond market, where long-term interest rates rose.
The Standard & Poor's 500 list rose 4.92 to 862.93, and the NYSE's index rose 2.04 to 450.17, with both measures adding to Friday's record highs. The Nasdaq index rose 7.33 to 1,412.17, its first new high in eight sessions. The American Stock Exchange composite rose 4.92 to 619.57, setting its first new high in more than a year.
The price of the Treasury's main 30-year bond was off 20/32 point in late afternoon trading, while its yield rose to 6.82 percent from 6.78 percent late Friday. Prices and yields move in opposite directions.
"Momentum begets momentum. Bonds are hitting some profit-taking, but stocks are not," said Larry Wachtel, a market analyst at Prudential Securities, noting that a series of corporate deals announced this morning added to investor enthusiasm.