Stocks Mostly Higher; Dow Up 26.65
Jul. 07, 1998
NEW YORK (AP) _ Stocks were mostly higher this morning in quiet trading as investors awaited the first trickles of company reports on second-quarter profits.
At 11 a.m. on Wall Street, the Dow Jones industrial average was up 26.65 at 9,118.42, edging within 100 points of May 13's record finish of 9,211.84.
Most broad-market indexes were also posting slim gains, but the Nasdaq composite sagged 2.91 to 1,906.55 as Internet stocks succumbed to some profit-taking on their monstrous gains over the past week.
The Standard & Poor's 500, which on Monday closed at a new high for the fifth time in eight sessions, was up 0.40 at 1,157.72.
The Dow gained 66 points on Monday, extending a three-week rebound that's added 464 points to the blue-chip barometer and pushed this year's gain back above 15 percent.
The market's powerful turnaround has come amid hints of progress toward resolving Japan's fiscal crisis.
But even more pivotal, analysts say, has been a growing sense that maybe Wall Street's forecasts for second-quarter profits had grown too dour. Investors will get their first sampling of how the blue-chip sector fared during the April-June period when Motorola and Alcoa, a Dow component, report today on their latest results.
Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume came to 183.65 million shares, exceeding Monday's early pace.
The NYSE composite index was up 1.05 at 591.87, working toward a third straight record high. The American Stock Exchange composite index was up 0.93 at 726.05.
Overseas, Tokyo's Nikkei stock average rose 0.4 percent. In afternoon trading, Frankfurt's DAX index was up 1.1 percent and London's FT-SE 100 was up 0.2 percent.