Dow up 165.67 to
another record close

Associated Press

NEW YORK -- Stocks shattered records today, charging back from an early drubbing tied to a stunning earnings warning late Friday from Compaq Computer Corp.

The Dow Jones industrial average, down 77 points in early trading, finished with a gain of 165.67 points, or 1.6 percent, at 10,339.51, its first close above both 10,200 and 10,300. The previous high of 10,197.70 was set Thursday. The average of 30 blue-chip stocks is now up 12.6 percent so far this year.

Broader indexes also ended in record territory after shaking off early losses. The Nasdaq composite, despite its heavy weighting in hard-hit computer stocks, rose 5.76 to 2,598.81. The S&P 500 index closed at 1,358.63, up 10.28. Both indexes beat records set Friday.

Advancers beat decliners by a 6-to-5 margin on the NYSE, with 1,669 up, 1,311 down and 582 unchanged. Volume on the Big Board improved to 810.92 million shares vs. 712.04 yesterday.

The NYSE composite index rose 6.54 to 633.13, and the American Stock Exchange composite index gained 7.82 to 735.32. The Russell 2000 index of small companies was up 6.20 points, or 1.53 percent, at 412.06, although it is still down 2.35 percent for the year.

The 30-year Treasury bond rose 6/32, or $1.88 per $1,000 bond, to 97 5/32. Its yield fell 2 basis points to 5.44 percent, matching the lowest level in seven weeks.

The Nikkei index in Tokyo fell 2.07 percent in anticipation of a selloff on Wall Street. In Europe, the DAX index in Frankfurt rose 0.68 percent, but the FTSE 100 index in London fell 0.5 percent.