Dow gains 88
to near-record close

NEW YORK -- Stocks ended just shy of record territory today, after the Dow Jones industrial average resumed its jagged ascent toward the 9,000 mark.

At the close of trading on Wall Street, the Dow had risen about 88.19 points to 8,904.44, taking back nearly all of the 90.18 points it gave up yesterday. The index of blue chip stocks set its last record on Friday, when it ended the week up 300 points to close at 8,906.43.

Advancers led decliners by an 8-to-7 margin on the New York Stock Exchange, with 1,755 up, 1,211 down and 537 unchanged. NYSE volume was 605.01 million shares vs. 628.86 million yesterday.

Broad-market indexes also pushed ahead. The Standard & Poor's 500-stock list rose 10.10 to 1,105.65, the NYSE composite index rose 4.42 to 574.96, the technology-laden Nasdaq composite index gained 19.93 to 1,812.44. The American Stock Exchange composite index rose 3.42 to 738.69 and the Russell 2000 index ended 2.30 points higher at 476.26.

The price of the Treasury's main 30-year bond was up 1/16 point, or 62-1/2 cents per $1,000 in face value, by late afternoon, while its yield was unchanged at 5.88 percent, from 5.89 late yesterday.

With no major economic reports issued, investors focused on oil futures prices, which dipped amid skepticism over whether the world's top petroleum exporters will cut production enough to strengthen the battered market.

Other commodities also lost ground, as bond prices rose. Oil futures prices had soared yesterday on news that some of the biggest oil-producing nations, had announced a slew of production cuts to boost a market that had fallen to its decade-low levels.

Today, Qatar announced it would cut its oil production and Iran's oil minister said OPEC would hold an emergency meeting soon to find ways to boost prices.

Where stocks go now depend largely on the performance of corporate earnings, due out next month, analysts said.

"It's kind of back to normal," said Ted Theodore, director of research at Avatar Associates in New York. "We've still got to get through the first quarter earnings. That looks like it's going to be a little bit rocky."

Overseas, Tokyo's Nikkei stock average fell 1.6 percent, Frankfurt's DAX index rose 1.1 percent and London's FTSE 100 rose 0.6 percent.