Newspaper article St Louis Post-Dispatch (MO)

Profit Optimism Sparks Record Day

Newspaper article St Louis Post-Dispatch (MO)

Profit Optimism Sparks Record Day

Article excerpt

Stocks surged to records Friday amid optimism that corporate profits can keep roaring ahead.

The Dow Jones industrial average jumped 87.78 to a record 7345.91, led by Procter & Gamble Co. The maker of Tide detergent gained 1 3/8 to a record 138 after Merrill Lynch & Co., in a bullish report on consumer stocks, said P&G's shares could reach $150. "We feel pretty confident about where the market's going," said Nancy Tengler, who heads the value investing unit at UBS Asset Management.

Her largest holdings include Philip Morris Cos. and two drugmakers, Bristol-Myers Squibb Co. and American Home Products Corp. The three are up an average of 27 percent this year. The Standard & Poor's 500 index gained 11.37 to a record 847.03. The Nasdaq composite index, which is dominated by computer-related companies, rose 17.12 to 1389.72, also a record. On the week, the Nasdaq climbed 3.7 percent, better than the Dow and the S&P 500, which each gained 2.1 percent. Smaller stocks continued to show strength as well. …

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