NEW YORK (AP) _ Stocks moved higher today amid further evidence that the economy’s surprising strength still hasn’t sparked rapid inflation.
At 3 p.m. on Wall Street, the Dow Jones industrial average was up 35.15 at 11,183.25, less than 20 points from Monday’s closing record of 11,200.98.
Broader stock indicators also held modest gains.
The Nasdaq composite index was up 14.23 at 2,832.36, adding to Wednesday’s record close. The Standard & Poor’s 500 index was up 9.97 at 1,408.14, enough to beat last Friday’s record of 1,403.28.
Before the start of trading, the Labor Department reported that consumer prices held steady in June for the second straight month _ the best showing since 1986, when prices actually fell three months in a row.
Economists had been expecting a slight rise of 0.1 percent in the consumer price index. The data, along with Wednesday’s news that prices at the wholesale level fell 0.1 percent in June, should help calm fears about an inflationary spurt back in April.
Advancing issues outnumbered decliners by a 5-to-4 ratio on the New York Stock Exchange, while Nasdaq gainers led by a slimmer margin. NYSE volume came to 625.90 million shares, up modestly from Wednesday’s pace.
The NYSE composite index was up 5.05 at 659.95, and the American Stock Exchange composite index was up 3.53 at 816.53.
American Express was up 2 1/2 at 134 and Coca-Cola was up 2 1/4 at 64 1/8 to lead the Dow’s advance, offsetting a decline of 2 3/8 to 51 11/16 by International Paper.