NEW YORK -- The Dow industrials rose within 55 points of a new record today, advancing for an eighth straight session for its longest winning streak in two years. Dow gains 94;
nears recordThe Standard & Poor's 500 index and the Nasdaq composite reached new highs again despite some profit-taking among leading Internet stocks.
The Dow Jones industrial average erased an early 39-point loss and rose 94.23 points to close at 9,320.98, nearing the Nov. 23 record of 9,374.27.
The measure of 30 major companies has now tacked on 530 points in eight sessions, expanding this year's surprising gain to 17.9 percent. The Dow's eight-session winning streak came more than two years ago, after President Clinton was re-elected in November 1996.
Volume accelerated modestly yesterday's yesterday's lifeless pace, but remained very light.
About 582 million shares changed hands, below the three-month daily average of 728 million. Trading was lighter than normal because many investors and traders are off for the Christmas and New Year's holidays. That means prices can move more abruptly, as there are fewer willing buyers or sellers. Some 361 stocks reached 52-week lows in composite trading, while 286 rose to highs.
The Standard & Poor's 500 Index gained 16.32, or 1.3 percent, to a record 1,241.81. The Nasdaq composite index rose 1.47 to 2,181.77, its fifth record in seven days. Rising stocks led decliners by a 17-to-13 ratio on the New York Stock Exchange.
The NYSE composite gained 8.04 to 597.05; the American Stock Exchange composite rose 5.17 to 670.75; and the Russell 2000 was up 2.13 at 410.41.
The price of the Treasury's main 30-year bond was up 28/32 point, or $8.75 per $1,000 in face value, in late trading, while its yield fell to 5.09 percent from 5.15 percent late yesterday.