NEW YORK -- The Nasdaq composite index vaulted to its fourth consecutive record today, closing above 3,000 for the first time. New business alliances, strong profits and an improved outlook for interest rates combined to boost the technology stocks that dominate the Nasdaq. Nasdaq tops 3,000;
Dow up 27The Dow Jones industrial average rose 27.22 to close at 10,609.06.
The Nasdaq composite was up 46.92, or 1.57 percent, at 3,028.55. Broader stock indicators had more modest gains, as the rally in technology stocks failed to carry over to the broader market.
"The rest of the market is sort of lamely following the technology stocks," said Eugene G. Mintz, financial markets analyst at Brown Brothers Harriman & Co. in New York. "Most stocks are not actively participating."
The Standard & Poors 500 index jumped 7.19 to 1,354.93.
Advancers beat decliners by a more than 8-to-7 margin on the New York Stock Exchange with, 1,675 up, 1,385 down and 486 unchanged. Volume on the NYSE was 906.47 million vs. 903.21 million yesterday.
The NYSE composite index rose 3.00 to 621.46; the American STock Exchange composite index slipped 0.44 to 804.88; and the Russell 2000 index rose 6.07 to 438.46.
The Treasury's 30-year bond, meanwhile, rose 3/32, or 94 cents per $1,000 face amount; its yield dropped 1 basis point to 6.13 percent, after touching 6.11 percent - the lowest level since Oct. 4. Bonds have rallied in recent days, driving yields down more than a quarter point from a two-year high of 6.40 percent reached last week.