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NEW YORK -- Stocks closed higher today in lackluster trading ahead of the holiday weekend. Investors' recent optimism was only slightly dampened by conflicting economic data. Dow up 23.68
Associated Press
The Dow Jones industrial average closed up 23.68 at 11,238.78, after gaining 112 points yesterday. The Nasdaq composite index, which also rose more than 100 points yesterday, was up 27.98 at 4,234.33. The Standard & Poor's 500 index ended up 3.09 at 1,520.77. Advancers outnumbered decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,626 up, 1,164 down and 531 unchanged. Volume was 766.46 million shares, well below yesterday's pace of 1.066 billion. The NYSE composite index rose 3.05 to 677.58, the American Stock Exhchange composite index jumped 12.30 to 955.78 and the Russell 2000 index was up 4.02 at 541.91.
Bond prices rose on further indications that inflation is under control. The 10-year Treasury note rose 5/16 point, with its yield falling 4 basis points to a 13-month low of 5.68 percent from 5.72 percent yesterday. The two-year note rose 5/32 to 100 3/32, as its yield dropped 9 basis points to 6.07 percent. The 30-year bond rose point to yield 5.66 percent, unchanged from a day earlier.
"Essentially, as a result of recent tame economic data, the Federal Reserve Board seems to be out of the picture for the rest of the year," said Alan Ackerman, senior vice president at Fahnestock & Co. in New York. The benign inflation figures have prompted strength in the financial and technology sectors, as a feeling of optimism has pervaded the markets, Ackerman noted.