Dow grabs record - Techs lead broad move
By Kevin N. Marder, CBS MarketWatch
Tue Feb 10 13:19:33 1998
NEW YORK (CBS.MW) -- U.S. stocks blew ahead Tuesday
afternoon, as more and more investors jumped off the sidelines
to participate in the market's roaring advance.
The Dow Jones Industrial Average notched a new intraday record
high of 8300.60, inching past the old high-water mark of 8299.49
set Aug. 7.
At 1:10 p.m. ET, the Dow Industrials vaulted 108.85 points, or
1.3 percent, to 8289.63.
The move was broad, and featured impressive leadership from the
technology sector, a market leader for nearly two months.
At the forefront of the advance in computer-related shares was
the semiconductor group, higher ahead of chip bellwether
Applied Materials' earnings report expected after the close of
trading.
Of bullish note was the small-capitalization sector, an
outperformer for the fifth time in the last six sessions.
As well, volume expanded from Monday's levels as prices rose,
an important positive, and evidence of the strong conviction
underpinning the current advance.
The Standard & Poor's 500 Index rose 1.0 percent, the New York
Stock Exchange Composite gained 0.9 percent, and the American
Stock Exchange Composite added 0.8 percent.
New York Stock Exchange winners bested losers by better than 2
to 1.
On the Big Board floor, 390 million shares changed hands, 22
percent more than that of Monday at this time.
The Nasdaq Composite advanced 1.1 percent. Advancing issues
led decliners by 3 to 2 in the Nasdaq Stock Market. Volume
totaled 387 million shares.
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