Stock Barometers End Trading Mixed
NEW YORK (AP) -- Blue chip stocks spurted higher Monday, lifted by a pre-election spending spree that sent the Dow Jones Industrial Average as high as 11,000. But technology issues couldn't keep up, weighed down by investors concerned about Cisco Systems' earnings.
Analysts cautioned against reading too much into the Dow's rally, saying uncertainty still rules Wall Street.
"You're a day before a presidential election that nobody can get their arms around, so there's gravitation toward buying safe blue chips," said Larry Wachtel, a market analyst at Prudential Securities.
"But trading volume is low, breadth is negative and generally this is a very cautious day.
"The Dow represents 30 stocks out of 10,000."
The Dow closed up 159.26 at 10,977.21, losing some ground after hitting 11,000 for the first time since mid-September. The average has climbed more than 1,000 points in the 13 trading days since Oct. 18, when it fell as low as 9,571.40; this was the Dow's fastest 1,000-point gain ever.
Broader stock indicators were mixed. The Nasdaq Composite index fell 35.37 to 3,416.21, with much of its loss coming in the last hour of trading.
The Standard & Poor's 500 index was up 5.50 at 1,432.19.
"This is a continuation of last week's positive momentum," said Jack Shaughnessy, chief investment strategist at Advest of Monday's blue chip rally. …