Nasdaq Up 4.19; Dow Up 31.66
Jul. 09, 1999
NEW YORK (AP) _ Stocks opened higher today, led by a rally in technology shares that lifted the Nasdaq composite index into record territory for the sixth time in seven days.
At 10 a.m. on Wall Street, the Nasdaq was up 4.19 at 2,776.05. The index has climbed nearly 5 percent since it began its record-setting climb June 30.
The Dow Jones industrial average also advanced today, rising 31.66 to 1,1158.55, which erased half of its 60-point loss on Thursday and moved the blue-chip index closer to its closing high of 11,187.36 that it hit on Wednesday.
The Nasdaq's strength came from a range of technology shares. Dell Computer led the rally, rising 2 1/8 to 42 1/16 after Goldman Sachs raised its rating on the company.
DuPont led the Dow higher, rising 2 13/16 to 71 5/16 after the company unveiled some details of its spinoff of its Conoco unit.
Stocks also benefited from a recovery in the bond market. On Thursday, bond prices fell, while the yield on the 30-year Treasury bond rose. The rising yield served as a reminder to investors that higher interest rates are taking hold in the economy, and could threaten earnings in future quarters.
This morning, however, prices were higher and the yield fell to 5.96 percent, down from 5.99 percent late Thursday.
Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume came to 91.53 million shares, down from Thursday's early pace.
The Standard & Poor's 500 index was up 2.04 at 1,396.46, the NYSE composite index was up 1.48 at 655.53, and the American Stock Exchange composite index was up 1.34 at 810.03.
Overseas, Japan's Nikkei stock average fell 0.17 percent. In afternoon trading, Germany's DAX index was up 0.9 percent, France's CAC-40 was up 0.58 percent, and Britain's FT-SE 100 was up 0.05 percent.