The Dow Jones industrial average extended its stunning gains yesterday, flirting with a new record as investors revelled in the new interest rate environment.
At the close of trading on Wall Street, the Dow was up 95.62 at 11,066.42. The blue-chip index held steadily above 11,000 for the first time in weeks, and inched within 28 points of its May 13th record close of 11,107.19.
Broader stock indicators including the Standard and Poor's 500 and Nasdaq composite index also rose, hitting record highs for a second consecutive session.
"There is an extraordinary amount of enthusiasm," said William Meehan, chief market analyst for Cantor Fitzgerald.
The Standard and Poor's 500 index rose 8.25 to 1380.96 and the Nasdaq composite index rose 20.09 to 2,706.21.
Advancing issues outnumbered decliners by an 11-to-nine margin on the New York Stock Exchange, with 1,697 up, 1,385 down and 487 unchanged.
NYSE volume totalled 828.57 million shares compared with 1.11 billion in the previous session.
