NEW YORK -- Investors continued to unload technology stocks in favor of blue-chip industrial companies today, sending the Dow Jones industrial average to its fifth consecutive closing high.
Dow up 31 to 5thAssociated Press
The Dow Jones industrial average was up 31.17 at 10,493.89, having reached a new closing high every day this week. The last time the Dow pulled off that feat was March 16-20 last year. The Dow is up 14 percent so far this year.
Broader market indicators finished lower today. The Standard & Poor's 500 fell 3.85 to 1,319.00, and the technology-heavy Nasdaq composite index dropped 37.73 to 2,484.04.
Advancers beat decliners by a better than 2-to-1 margin on the New York Stock Exchange, with 2,052 up, 1,004 down and 474 unchanged. NYSE volume totaled 1.006 billion shares vs. 1.087 billion yesterday.
The NYSE composite index rose 2.01 to 624.90, and the American Stock Exchange composite index gained 7.48 to 745.41. The Russell 2000 index of smaller companies rose 3.81 to 421.58.
The 30-year bond fell 22/32, or $6.88 per $1,000 security, to 95 10/32, pushing the yield up to 5.57 percent from 5.52 percent yesterday. For the week, bonds fell about 15/8 points.
The Dow rose today despite a brutal $7.37-1/2 drop in IBM, which tumbled along with other technology stocks and lopped more than 30 points off the Dow's gain.
The Dow was helped higher by Eastman Kodak Co., which reported stronger-than-expected earnings, and by industrial names Caterpillar and General Motors.
Oil stocks climbed as oil futures topped $17 a barrel.