Nasdaq racks up 8th-straight record, IPOs stunning
Reuters Story - July 17, 1998 17:29
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NEW YORK, July 17 (Reuters) - The Nasdaq Composite hit its
eighth consecutive record close Friday, boosted by strength in
initial public offerings and personal computer (PC) stocks.
The Nasdaq added 8.20 points or 0.41 percent to 2008.76
unofficially. Its first closed at more than 2,000 was struck on
Thursday. If the gains continue, Nasdaq could beat its string
of 10 consecutive record closes, started on July 2, 1997.
"There was more attention on the Nasdaq than the big caps,
which may have already had their big run," an analyst said.
Two IPOs made stellar debuts. Broadcast.com Inc.
surged, adding 44-3/4 to 62-3/4 from its $18 price. The company
develops "push technology" that delivers content on the
Internet. Actuate Software Corp. rallied, though to a
lesser degree, rising 7-3/4 to 18-3/4.
Microsoft Corp. and Dell Computer Corp.
hit new highs amid optimism for PCs. Microsoft added 9/16 to
117-15/16 after strong earnings and Dell climbed 3-1/8 to
116-7/8 after chairman Michael Dell said there was no reason to
think Dell's recent eye-popping stock rally would unravel.
Breadth was negative, 2176 decliners for 2083 advancers.
Volume was a strong 806.1 million shares at last count.
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