Stocks in New York ended higher yesterday, withstanding pressures to take profits from a rally that has lifted the Dow back toward 9,000 and a potential run at record highs.
The Dow Jones industrial average rose 59.99 at 8,975.46, about 362 points from the all-time best close of 9,337.97 set on July 17th. The Dow came within 10 points of 9,000 before backing down
Broader stock indicators also moved toward the highest levels since before the market began its rapid retreat in late July. Stocks have now had eight sessions without a loss.
The Dow has jumped nearly 1,500 points since it slid below 7,500 on October 8th, and holds a gain of nearly 13 per cent, or about 1,000 points, for the year. About 550 of those points have come in the past eight sessions.
Analysts said the market was feeding off its own momentum as investors become confident again. The renewed confidence in stocks was evident as investors pulled money out of the bond market. The new benchmark 30-year bond fell 1 7/16 point, or dlrs 14.38 per dlrs 1,000 invested. Its yield rose to 5.38 per cent.
The Standard and Poor's 500 index was up 7.00 at 1140.85, and the technology-heavy Nasdaq composite index was up 18.57 at 1,855.67.
Advancing issues outnumbered decliners by an 11-to-8 margin on the New York Stock Exchange, where volume came to 679.95 million shares.
The NYSE composite index was up 2.92 at 565.10, and the American Stock Exchange composite index was up 2.78 at 670.80.
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