Newspaper article THE JOURNAL RECORD

Stock Prices Enjoy Another Session of Broken Records

Newspaper article THE JOURNAL RECORD

Stock Prices Enjoy Another Session of Broken Records

Article excerpt

NEW YORK (AP) _ Stock market measures moved to still loftier levels Thursday in another record-making session, buoyed by declining interest rates.

After staying close to even for much of the day, the Dow Jones industrial average benefited from a late buying surge and wound up with a gain of 7.27 at 3,612.13. It was the third straight record close for the blue chip gauge and the fifth in the past nine sessions.

Other indicators also improved upon their previous best performances. The Standard Poor's 500 stock index edged past a high point reached in March. It rose 0.39 to 456.43, just above the prior record close of 456.33.

The New York Stock Exchange composite index posted a second consecutive closing high, gaining 0.36 to 253.23.

But the breadth of the market's advance wasn't impressive. The number of stocks advancing in price was almost the same as the declines on the Big Board.

Volume as of 4 p.m. on the floor of the Big Board contracted to 289.89 million shares from 309.19 million in the previous session.

Although the market's recent advances have given investors a compelling reason to sell and collect profits, further declines in interest rates steered more money into stocks. Falling interest rates have been one of the chief forces supporting the stock market for months.

Even the most profit-minded stock investors couldn't ignore developments in the bond market Thursday where interest rates tumbled to virtually unprecedented levels. Bond buyers bid the key 30-year Treasury bond sharply higher again, which drove down its yield still further, after the government issued a poor foreign trade report.

The key bond soared more than point, leaving its yield at 6.20 percent vs. 6.25 percent late Wednesday. Demand for the bond has been extra keen because the government is shrinking the supply of 30-year issues. …

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