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Dow hits record;
Nasdaq soars 107Intel helps propel the blue-chip index
Associated Press
140.55 while the S&P 500 falls just
shy of its highNEW YORK -- Stocks rose sharply today, boosted by a strong earnings report from high-tech bellwether Intel Corp. and comments from Federal Reserve Chairman Alan Greenspan that indicate interest rates will be rising only slightly.
The Dow Jones industrial average rose 140.55 to a closing high of 11,722.98, easily topping yesterday's record. The new high was the third this week and the fourth since the start of 2000.
Broader market measures also finished with solid gains. The Nasdaq composite index rose 107.06 to 4,064.27 and the Standard & Poor's 500 rose 15.47 to 1,465.15 after temporarily passing its all-time high of 1,469.25 earlier in the day.
Advancers outnumbered decliners by an 8-to-7 margin on the New York Stock Exchange, with 1,612 up, 1,393 down and 517 unchanged.
NYSE volume totaled 1.07 billion shares vs. 1.02 billion yesterday.
The New York Stock Exchange composite index gained 3.19 to 649.77, the American Stock Exchange composite index rose 3.11 to 869.74 and the Russell 2000 index of smaller companies rose 6.37 to 507.56.
Technology stocks led the Dow and the Nasdaq, with industry leaders Intel, up $12 to $103.06, and Microsoft Corp., ahead $4.44 to $112.25, accounting for a major portion of the market's advance.
"We continue to have money coming into the market, and money managers are deciding that technology offers the opportunity for the biggest gains," said Ricky Harrington, technical analyst at Wachovia Securities in Charlotte, N.C.
Intel's strong report and optimistic outlook lifted rival chip maker Applied Materials Inc. $11.12 to $135.62. PC makers like Dell Computer Corp., up 87 cents to $44, and IBM Corp., up $1.37 to $119.622, also advanced as investors anticipated strong profit reports.
The Dow's financial stocks rose following today's Consumer Price Index report. American Express Co. gained $3.50 to $159.50 and J.P. Morgan & Co. jumped $5.19 to $128. Optimism about earnings extended beyond the technology sector. Lands' End Inc. rose $2.44 to $37.31 after a Wall Street analysts noted that in spite of slumping sales in the eight-week holiday shopping season, profits improved. Lucent Technologies Inc. declined $3.25 to $53 in heavy trading amid rumors that the Securities and Exchange Commission was investigating the company's accounting practices.