WALL Street stocks edged to new highs after recovering from an afternoon setback spurred by another increase in interest rates in the jittery bond market.
Bonds moved lower after the US Labour Department reported that the number of first-time claims for unemployment benefits fell to a three-month low. It was the latest in a series of robust signals that have undermined hopes that the pace of business has slowed enough to keep a lid on inflationary pressures.
Advances outnumbered declines by nearly an 8-to-7 margin on the NYSE, with 1,357 up, 1,193 down and 822 unchanged.
NYSE volume totalled 532.31 million shares, against 525.02 million previously.
The Standard and Poor's 500-stock list rose 2.55 to 769.75, and the NYSE's composite index rose 1.08 to 406. 12, both setting new highs.
The Nasdaq composite index rose 6.93 to 1,340.46, and the American Stock Exchange composite index rose 0.88 to 587.36.
