NEW YORK - The Nasdaq composite index reached a closing record high today amid a rally in technology stocks that was spurred by a tame inflation report and a strong earnings outlook from computer chip maker Intel.
Dow off 26.9;Associated Press
Nasdaq at record
The Nasdaq composite rose 39.90 to 2,818.13, topping its record close reached last Friday. The Standard & Poor's 500 index gained 4.61 at 1,398.17. But blue chip stocks failed to keep pace, falling due to profit-taking and nervousness about economic and political uncertainty overseas. The Dow Jones industrial average fell 26.92 at 11,148.10, adding to yesterday's 26-point drop.
Advancers beat decliners by a 10-to-9 margin on the New York Stock Exchange, with 1,530 up, 1,393 down and 583 unchanged. NYSE volume totaled 751.58 million shares, vs. 737.88 million yesterday.
The NYSE composite index was up 1.26 at 654.90, and the American Stock Exchange composite index gained 0.67 at 813.00. The Russell 2000 index of smaller companies was up 3.35 at 461.46.
The 30-year U.S. Treasury bond fell 1/8, or $1.25 per $1,000 face amount, to a price of 90 25/32. Its yield rose 1 basis point to 5.91 percent.
High-tech stocks rose on positive earnings news from Intel, which reported late yesterday its second-quarter earnings jumped 49 percent and that it expects a strong second half of 1999. Intel closed higher in Nasdaq trading today.
Technology stocks also got a lift from reports that fund managers at Fidelity Investments were putting money back into the techs.