Newspaper article THE JOURNAL RECORD

Dow Industrials Claw out Fifth Straight Record

Newspaper article THE JOURNAL RECORD

Dow Industrials Claw out Fifth Straight Record

Article excerpt

NEW YORK (AP) -- The Dow Jones industrials struggled to a record high for the fifth session in a row on Tuesday, even as investors booked profits in some high-flying sectors like technology and sent many broad indexes lower.

The Dow closed up 10.44 at 6,266.04, topping its previous high every trading day since last Wednesday. The blue-chip index slipped 16 points in early trading, recovered to show a gain of more than 20 points, then slipped back a second time before rallying into the close. The Dow index is up 256 points, or by more than 4 percent, in the four weeks since closing above 6,000 for the first time on Oct. 14.

"It's had a huge run," said Peter Anderson, chief investment officer at IDS Advisory Group in Minneapolis. Investors are "simply cautious given what's happened in the last several sessions." Big Board volume was robust at a revised 471.73 million shares, up from Monday's quiet Veterans Day pace of 353.96 million. But advancing issues led decliners by a weak 6-to-5 margin on the New York Stock Exchange, and, more concerning to some, the broad market showed signs of fatigue. "The Dow is outperforming the Standard & Poor's," said John Church, chief investment officer at Glenmede Trust Co. in Philadelphia. "Typically that happens at the end of a bull market, so there are some signs of concern." The Standard & Poor's 500-stock index fell 2.31 to 729.56, the NYSE's composite index fell 0.65 to 386.18, and the Nasdaq composite index fell 6.14 to 1,256.53. All three set records on Monday. The American Stock Exchange's market value index rose 1.91 to 581.64. Stocks trimmed their midday gains even as bonds built on theirs. The 30-year Treasury bond was up 3/4 point late in the session, pushing its yield, which moves opposite the price, to an eight- month low of 6.44 percent. Semiconductor stocks rose in the morning after the leading industry group said orders for computer chips jumped nearly 18 percent in October, lifting the book-to-bill ratio to 1.10 from a revised .98 in September. The preliminary figure means manufacturers got $110 in new orders for every $100 worth of semiconductors they shipped. …

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