Market diary.
The markets continued their advance during the week ending Nov. 22.
The Dow Jones industrial average hit yet another record high, closing
just before Thanksgiving at 12,327, up 0.6 percent for the week and 15
percent for the year-to-date. The tech-dominated Nasdaq rose 1 percent
on the week to 2,466, while the Standard & Poor's 500 index
rose 0.7 percent to 1,406. The LABJ 200 index of local stocks rose 0.9
percent to 143 as 109 stocks advanced, 85 declined and 13 were
unchanged. The real estate sector had the best performance on the week,
up 6.4 percent after the Nov. 19 announcement of the Blackstone
Group's $36 billion buyout offer for Equity Office Properties
Trust. The automotive/plastics/metals sector was just behind with a 6
percent gain. The aerospace/defense sector was the worst performer, down
2.6 percent. There were 32 new highs for the week--including 12 in the
real estate sector--and no new lows. Among the major gainers was Patient
Safety Technologies Inc., whose stock more than tripled to $2.30 per
share after it announced a major distribution deal for its surgical
safety sponges. Also gaining was Hot Topic Inc. after releasing
better-than-expected third quarter results. Among the biggest losers was
music subscription service Napster, which fell 10 percent to $3.89 per
share after analysts concluded it has had difficulty finding a buyer.
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