NEW YORK -- Big-name technology and financial stocks rallied today, lifting the Dow industrials to the highest level in nearly two months and boosting the Nasdaq market to record levels for the first time since April.
Dow gains 90
The Dow Jones industrial average rose nearly 89.93 points to close at 9,174.97, the blue-chip barometer's highest finish since its record close of 9,211.84 on May 13.
The index is up 16 percent for 1998.
Advancers led decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,751 up, 1,241 down and 547 unchanged. The ratio of winners to losers was even smaller in Nasdaq trading. NYSE volume totaled 605.36 million shares vs. 628.33 million yesterday.
The technology-heavy Nasdaq composite index rose 27.28 points to 1,935.39, rushing past its nearly 3-month-old closing record of 1,917.61, set on April 22. The Nasdaq is up 23 percent for 1998.
Among other leading indexes, the Standard & Poor's 500 set a new high for the sixth time in 10 sessions and the NYSE composite notched its third record in four sessions.
The S&P 500 rose 11.71 to a record 1,166.37, pushing this year's gain above 20 percent. The NYSE composite index rose 4.59 to a record 594.35.
The Russell 2000 index of smaller companies rose 0.93 to 459.97, and the American Stock Exchange composite index rose 0.69 to 728.65.
The benchmark 30-year bond fell 1/4, or $2.50 per $1,000 bond, pushing its yield up 2 basis points to 5.62 percent. Yesterday yields touched 5.56 percent, the lowest since the government began regular sales of 30-year bonds in 1977.