Dow gains 53,
another record

NEW YORK -- The Dow Jones industrial average notched its fifth record high in six sessions today as interest rates fell again after some more encouraging economic news.

The Dow erased rose 53.42 points to 8,174.53 after erasing an early 29-point gain

Advancers led decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,702 up, 1,144 down and 570 unchanged. NYSE volume was 544.54 million shares vs. 463.70 million yesterday.

Broad-market indicators also set new highs, shaking off some morning weakness as bonds recovered from a wary response to what seemed to be market-friendly data.

The Standard & Poor's 500-stock list rose 5.84 to 942.29, the NYSE index climbed 2.50 to 488.43, and the American Stock Exchange composite rose 0.85 to 640.20, setting new closing highs for all three measures.

The Nasdaq composite index rose 8.79 to 1,572.32.

As bond prices rose today, the yield on the 30-year Treasury -- another key influence on borrowing costs -- slipped to 6.38 percent late today. On Monday, the yield settled at 6.40 percent, the lowest finish since early December.

The Labor Department reported this morning that wages and benefits -- the leading force behind inflation -- rose a moderate 0.8 percent in the April-June quarter.

Meanwhile, suggesting a continuation of the tame inflation backdrop that has propelled the markets since mid-April, a private research group reported that consumer confidence unexpectedly fell sharply in July.