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Market Ends Higher; Dow Up 66.51

July 6, 1998

NEW YORK (AP) _ Stocks rose sharply today, with the S&P 500 cruising to another record and the Dow industrials pushing to the highest level since late May.

The Dow Jones industrial average rose 66.51 points to 9,091.77, according to preliminary calculations. That was just 120 points below May 13′s record close of 9,211.84 and the blue-chip barometer’s highest finish since May 22.

Broader stock indexes also posted sizable gains despite some worrisome signs from Japan, where Prime Minister Ryutaro Hashimoto backed away from recent hints of a sweeping tax cut to help spur his nation out of recession.

The Standard & Poor’s 500 index closed at a new high for the fifth time in eight sessions. The NYSE composite index set a closing record for the second session in a row after more than a two-month drought.

Overseas, Tokyo’s Nikkei stock average fell 1.0 percent, Frankfurt’s DAX index fell 0.6 percent and London’s FT-SE 100 edged higher.

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