Star-Bulletin news services
Dow hits 18-month high
ahead of jobless report
NEW YORK >> Wall Street pushed higher yesterday as investors looked past a weaker-than-expected report on jobless claims and tepid November retail figures. The Dow Jones industrials closed at their highest level in 18 months.
Trading was uneven as investors were tentative a day after the Nasdaq composite index brushed the 2,000 level for the first time in nearly two years and the Dow approached the 10,000 mark.
Indeed, although the three main gauges finished higher yesterday, advancing issues finished virtually even with decliners on the New York Stock Exchange.
"We did make some psychologically significant highs yesterday. So now is the time to re-evaluate as the end of the year comes," said Neil Massa, equity trader at John Hancock Funds.
"Investors might want to take some money off the table. But it's certainly not a change in sentiment. I still think the trend is positive," he said.
The Dow closed up 57.40, or 0.6 percent, at 9,930.82. It was the highest finish since May 28, 2002, when the blue-chip average stood at 9,981.58. On Wednesday, the Dow reached 9,942.01 before retreating somewhat and closing nearly 20 points higher. The last time the Dow closed above 10,000 was May 24, 2002.
The broader market also finished modestly higher. The Nasdaq gained 8.55, or 0.4 percent, to 1,968.80, after falling 20 points Wednesday. The last time the tech-heavy index closed above 2,000 was Jan. 15, 2002.
The Standard & Poor's 500 index rose 4.99, or 0.5 percent, to 1,069.72, following a 2-point decline Wednesday.
Consolidated volume was moderate at 1.94 billion shares, compared with 1.85 billion traded Wednesday.
The Russell 2000 index, which tracks smaller company stocks, fell 1.04, or 0.2 percent, to 544.15.
The NYSE composite index gained 11.12, or 0.2 percent, to 6,153.90. The American Stock Exchange composite index fell 3.29, or 0.3 percent, to 1,113.88.
The Treasury's two-year note rose 2/32 to 99 2 2/32, with its yield falling 3 basis points to 2.04 percent. The 10-year note rose 1032 to 99 332, with its yield falling 4 basis points to 4.36 percent.
Analysts said the choppy trading is a sign that investors were looking beyond Thursday's retail and claims figures to today's expected release of November employment figures and next week's meeting of the Federal Reserve.
Retail results were mixed
Sears, Roebuck and Co. fell $2.27 to $52.59 after the company reported that sales at stores open at least a year, or same-store sales, declined 3.6 percent.
Federated Department Stores Inc., parent of Macy's lost $1.22 to $48.39 after the company reported that its same-store sales slipped 0.1 percent.
Gainers included Wal-Mart Stores Inc., the world's largest retailer, which rose 33 cents to $53.02, after reporting a 3.9 percent sales gain at stores.
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