Stocks Rise; Dow Gains 49.48
Dec. 04, 1997
NEW YORK (AP) _ Stocks rose this morning, extending Wednesday's late recovery and lifting some indexes toward record highs as interest rates fell below a key level for the first time in nearly two years.
At 10 a.m. on Wall Street, the Dow Jones industrial average was up 49.48 at 8,081.49, vying for its fifth straight winning session.
Broad-market indicators were also posting modest gains, with the Standard & Poor's 500 index and the New York Stock Exchange composite index threatening to set new highs for the first time since before October's steep selloff.
Even with a 190-point rally on Monday, however, the Dow still sits about 200 points below its record close of 8,259.31, set back on Aug. 6.
After a month-long flirt, bond prices finally rose high enough today to push the yield on the 30-year Treasury as low as 5.99 percent. The yield _ a key determinant of the interest charged on many types of loans _ hasn't been below 6 percent since January 1996.
Advancing issues outnumbered decliners today by a 3-to-2 margin on the NYSE, where volume came to 193.06 million shares, up from Wednesday's busy pace.
The Standard & Poor's 500 list was up 3.35 at 980.12, exactly 3 points shy of Oct. 7's record close at 983.12.
The NYSE composite index was up 2.20 at 512.35, about 2 points from record terrain.
The technology-heavy Nasdaq composite index, beset this week by a spate of profit warnings from computer-related businesses, was up 1.46 at 1,616.59, and the American Stock Exchange composite index was up 0.81 at 669.91. Like the Dow, both measures are not yet within range of a run at new highs.
Overseas, Tokyo's Nikkei stock average fell 1.7 percent. In afternoon trading, Frankfurt's DAX index was up 1.4 percent and London's FT-SE 100 was up 1.9 percent.