New York buyers push indices to new highs
Stocks made broad gains in New York yesterday, pushing the Nasdaq and Standard and Poor's 500 indices to record highs, as investors ignored a slumping dollar and bonds and a few earnings warnings and bought a wide selection of equities.
On Wall Street, the Dow Jones industrial average rose 126.92 points or by 1.4 per cent at 9,311.19. The Dow rose as high as 9,338 during the session, coming within 40 points of its record closing high of 9,374.27 set on November 23rd. The Nasdaq composite was in record territory for the third straight session and the seventh record in 10 trading sessions. The S & P 500 topped its previous closing record of 1,241.81 set on December 29th.
On the Big Board, advancing issues outnumbered decliners by a 5-to-4 margin with 1,732 up, 1,358 down and 488 unchanged.
NYSE volume totalled 773.63 million shares, against 875.2 million in the previous session.