NEW YORK - The Dow Jones industrial average plowed toward 7,300 today as investors, cautiously optimistic about the outlook for inflation and interest rates, focused on the biggest and best-known stocks. Dow gains 123 to new record
The Dow gained rose 123.22 to close at 7,292.75, blowing past last Tuesday's record close at 7,225.32 and finishing less than 8 points shy of 7,300.
The barometer of 30 big companies has now added 800 points in just one month, ricocheting back from the depths of the market's recent slide.
Broad-market indicators also posted sizable gains, led again by the resurgent technology sector. The Dow's two biggest gainers were IBM Corp. and Hewlett-Packard.
Advancers led decliners by a 7-to-3 margin on the New York Stock Exchange, with 1,798 up, 765 down and 798 unchanged. NYSE volume was 459.01 million shares vs. 455.62 million Friday.
The Standard & Poor's 500 list rose 12.88 to 837.66, and the NYSE index rose 6.34 to 435.57. Both measures set new highs.
The Nasdaq composite index rose 9.14 to 1,344.19, and the American Stock Exchange index rose 4.69 to 578.47.
Stocks drew some support from the bond market, where the yield on the 30-year Treasury - a key influence on borrowing costs - dipped to 6.88 percent, down from late Friday's 6.89 percent.
With no major economic reports to steer the session, bond traders maintained a positive stance before this week's readings on inflation and retail sales activity.
Investors are hoping the data will reinforce recent indications that the economy's vigorous pace is easing enough to keep inflationary pressures under control without higher interest rates.
The markets have rallied back from a steep slide in late March and early April as investors grew less fearful that the Federal Reserve will raise its key lending rates aggressively. Fed officials, who raised one of the central bank's interest rates in late March, are scheduled to meet again on May 20.