Dow up 51.8;Associated Press
Nasdaq hits record
NEW YORK - The Nasdaq composite index sprinted to another new record today after the government reported that workers' productivity is rising sharply, offering a potential buffer against inflation. Blue-chip stocks shared in the good fortune, but pared their gains late in the session.
The Nasdaq rose 106.00, or 2.45 percent, to 4,427.77, cruising past its previous record of 4,321.77, set yesterday. The Dow Jones industrial average rose 51.81 to close at 10,957.60. The blue-chip index rose as much as 100 points early in the session. The Standard & Poor's 500 rose 17.51 to 1,441.75.
Advancers beat decliners by an 8-to-7 margin on the New York Stock Exchange, with 1,589 up, 1,425 down and 482 unchanged. NYSE volume totaled 1.049 billion shares vs. 917.68 million yesterday. The NYSE composite rose 5.20 to 629.04; the American Stock Exchange composite index gained 1.26 to 885.34; and the Russell 2000 index rose 5.10 to 537.49. The 30-year Treasury bond, which has benefited from expectations for less long-term government debt, climbed 1 11/32, or $13.44 per $1,000 bond; its yield fell 11 basis points to 6.23 percent.
Stocks rose after a Labor Department report showed strong U.S. productivity in 1999.
On the Nasdaq, Amazon.com rose sharply. A potential rival, online retailer Buy.com Inc., rose in its initial public offering of stock, although its gains were less than most technology IPOs had last year. Shares were priced at $13 and opened at $30.12, then edged lower in afternoon trading.