Dow up 28.4
to record close

NEW YORK -- The stock market edged to a record high for a fifth straight day today despite persistent profit-taking that nibbled away morning gains.

The Dow Jones industrial average rose 28.40 points to close at 8,398.50, continuing a rally that began last week. Broad-market indexes were mixed.

The S&P 500 gained 2.68 to close at 1,022.77, and the NYSE composite index rose 1.51 to 532.79. The Nasdaq index gained 6.97 to close at 1,703.45.

But the small company-dominated American Stock Exchange composite index fell 1.45 to 687.34 and the Russell 2000 index lost 1.10 points to end at 453.19.

"Today's really a consolidation day," said Charles Blood, senior financial markets analyst at Brown Brothers Harriman & Co. "Last week was a pretty good week, and we had carry-over strength from the start."

Initially, stocks were lifted -- at one point 76 points -- by overnight gains in many overseas markets and by a weaker-than-expected report on industrial production.

The Federal Reserve Board reported flat output at the nation's factories, mines and utilities last month.

In addition, stocks were buoyed by several prominent merger bids.

U.S. financial markets were closed yesterday for a national holiday.

The price of the benchmark 30-year Treasury bond rose 3/4 point, or $7.50 per $1,000 in face value. Its yield, which moves in the opposite direction, dropped to 5.79 percent from 5.87 percent late Thursday.