BLUE-CHIP stocks soared in New York yesterday as a surge in oil stocks and fresh evidence about the resilient US economy carried the Dow above 9,900 for the first time before retreating. Broader stock measures were up as well, and the Standard & Poor's 500 index also hit a new high. Oil stocks were sharply higher, after reports that leading exporting nations are close to agreement on production cuts in a bid to shore up prices.
The biggest Dow gainer was soft-drink maker Coca-Cola, which rose sharply after an analyst from Donaldson Lufkin and Jenrette Securities raised his investment opinion of the stock. Investor interest in the magical 10,000 mark for the Dow also seemed to be feeding on itself.
Helping the rally were new retail sales data showing the US economy is growing without any inflationary threats. Advancing issues outnumbered decliners by a seven-to-five margin on the New York Stock Exchange, with 1,747 up, 1,257 down and 563 unchanged.
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