Market diary.

The markets edged higher last week on news of major takeover announcements and a positive view of the economy from the Federal Reserve Board. After weeks of flirting with its all-time record high, the Standard & Poor's 500 index finally punched through the barrier set in March 2000, dosing at 1,530.23 on May 30. The Dow Jonas Industrial Average posted a gain of 0.8 percent, closing at 13,633.08, while the tech-heavy Nasdaq index closed up 0.6 percent to 2,592.59. The LABJ index of 200 local stocks legged slightly, ending the week up 0.3 percent at 144.73 as 94 stocks advanced while 99 declined. Thirteen of the 18 industry sectors posted gains on the week, led by real estate stocks, which jumped 3.7 percent. Eleven stocks hit 52-week highs during the week, including Guitar Center Inc., which jumped 11 percent on speculation that the company was a takeover target. Fremont General also fared well, up 31 percent as it continued to recover from a disastrous first quarter. Last month Fremont reported it had found a buyer for its commercial real estate portfolio. Ten stocks hit 52-week lows, including blood care products company Hemacare Corp., off 10 percent after reporting another quarterly loss. Marketing company Emak Worldwide posted one of the biggest drops last week, closing down 19 percent after reporting a $2.5 million second quarter loss.