Dow climbs 85.63
to record

Associated Press

NEW YORK - The Dow Jones industrial average bobbed above 11,500 for the first time today, but the Nasdaq composite index failed in another bid to close above 4,000 as technology issues retreated into the close.

The Dow rose 85.63 to finish at 11,476.71, down slightly from the day's high of 11,517.39, but enough to beat the closing record of 11,405.76, set last Thursday.

The Standard & Poor's 500 rose 0.57 to close at 1,457.66. The Nasdaq composite finished 3.27 lower at 3,972.011, halting a seven-session streak of closing records. Earlier in the day, the index cruised to 4,022.14 before falling. It was the second time in three days that the index faltered after crossing 4,000.

Still, the technology-dominated index is up more than 80 percent for the year.

Advancers beat decliners by a slender margin on the New York Stock Exchange, with 1,564 up, 1,523 down and 471 unchanged. Nasdaq decliners also led by a narrow margin. NYSE volume totaled 661.72 million shares, down from 724.24 million yesterday.

The NYSE composite index gained 2.06 to end at 644.30; the American Stock Exchange index slipped 0.95 to 842.53; and the Russell 2000 index of smaller companies rose 4.02 to 488.48.

The benchmark 30-year Treasury bond fell 1/8 point, or $1.25 per $1,000 face amount; its yield rose 1 basis point to 6.47 percent, just below the 6.48 percent level reached Thursday, the highest since Sept. 15, 1997.

Overseas, Japan's Nikkei stock average rose 1.28 percent.