Dow Ends Up 9.78 at 9,337.97
Jul. 17, 1998
NEW YORK (AP) _ Strong profit reports by Microsoft and Sun Microsystems fueled another strong day for technology stocks, leading most market measures farther into record terrain.
The Dow Jones industrial average never strayed as much as 30 points all day, but finished 9 points higher at nearly 9,338, padding Thursday's record.
The technology-heavy Nasdaq composite index, which on Thursday crossed 2,000 for the first time, rose to an eighth straight record close.
Smaller-company shares lagged the blue-chip advance again, with decliners outnumbering advancers on the broad market.
The flow of second-quarter profit news remained encouraging with late Thursday's reports from Microsoft, Sun Microsystems and PepsiCo, all of which topped Wall Street forecasts.
In economic news, the Commerce Department reported that the U.S. trade deficit in goods and services climbed to $15.7 billion in May as the economic troubles in Asia helped push U.S. exports to the lowest level in 15 months.
The data, which exceeded most projections, bolstered arguments that the U.S. economy may be slowing enough to keep inflation in check. That will likely keep the Federal Reserve from raising interest rates to cool the economy.
Overseas, Tokyo's Nikkei stock average fell 1 percent, Frankfurt's DAX index rose 0.9 percent and London's FT-SE 100 rose 0.9 percent.