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NEW YORK -- Stocks rose today after a report of relatively modest inflation boosted the bond market and calmed jittery stock investors. Financial shares led the Dow Jones industrials to a new closing record. Dow gains 31;
Nasdaq jumps 107The Dow rose 31.33 to close at 11,582.43, just past its previous record of 11,572.20.
Broader stock indicators also closed higher.
The Nasdaq composite index broke out of a two-day slump to finish up 107.19 at 3,957.21. The Standard & Poor's 500 rose 17.43 to 1,449.68.
Advancers outnumbered decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,878 up, 1,188 down and 427 unchanged. NYSE volume totaled 1.02 billion shares vs. 973.81 million yesterday.
The New York Stock Exchange composite index rose 6.64 to 646.58, the American Stock Exchange composite index gained 8.65 to 866.63 and the Russell 2000 index of smaller companies rose 11.15 to 501.19.
The benchmark 30-year bond rose 26/32, or $8.13 per $1,000 face amount, to 93 7/32. Its yield fell 7 basis points to 6.65 percent from its highest level since July 1997.
The latest development in the consolidating drug industry also sparked buying. Warner-Lambert Inc. said today it would hold merger talks with hostile suitor Pfizer Inc., abandoning its November decision to be acquired by American Home Products Inc.
Shares of all three companies rose.