WARNINGS DON'T STOP MARKET'S ADVANCE; DOW, NYSE INDEX, S&P 500 HIT RECORDS.Byline: Bruce Meyerson Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Stocks resumed their record-setting march Tuesday, quickly brushing off a series of profit warnings by leading technology companies that threatened to derail de·rail intr. & tr.v. de·railed, de·rail·ing, de·rails 1. To run or cause to run off the rails. 2. Wall Street's two-month rally. The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. rose 75.98 points to 8,643.12, easily topping the previous record of 8,584.83 set a week earlier and extending this year's advance to 9.3 percent. Broader stock indicators also bounced back from Monday's downturn, which produced only marginal damage outside the technology group. The Standard & Poor's 500 and the New York Stock Exchange composite index New York Stock Exchange Composite Index A composite index made up of all the stocks listed on the New York Stock Exchange and weighted according to the market value (stock price multiplied by shares outstanding) of each security. both set new highs, while the technology-heavy Nasdaq composite index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed recovered most of Monday's 1.6 percent loss. The Dow has risen more than 1,000 points, or 14 percent, since plunging 220 points Jan. 9 amid concerns about how much U.S. companies are being hurt by the economic crisis in Asia. ``The market keeps having lots of spears thrown at it, and yet it won't be knocked down. Instead, money continues to flow in regardless of the news backdrop,'' said Bob Dickey, managing director of technical analysis at Dain Rauscher in Minneapolis. ``We have earnings warnings from some major names that should be a concern to all, and yet the market just sputters a little bit and takes off again,'' said Dickey, referring to last week's three-day string of unnerving un·nerve tr.v. un·nerved, un·nerv·ing, un·nerves 1. To deprive of fortitude, strength, or firmness of purpose. 2. To make nervous or upset. announcements from Intel, Motorola and Compaq Computer. ``There doesn't seem to be any good news at all. The only good news is that stocks are pretty much trending higher.'' Although technology shares posted some sizable gains, they weren't as prominent in Tuesday's rebound as they were in Monday's slide. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) rose 1-1/4 to 61-1/2 and Hewlett-Packard rose 1-1/4 to 61-1/2, but the strongest Dow components were Travelers Group, up 2-1/4 to 57-3/4; Merck, up 2-1/8 to 130 13/16; Alcoa, up 1 13/16 to 73-1/4; and Goodyear Tire & Rubber, up 1-3/4 to 70-1/4. Advancing issues outnumbered decliners by nearly a 2-to-1 margin on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , where volume totaled a brisk 631.57 million shares, up from 624.7 million Monday. The S&P 500 rose 11.94 points to 1,064.25, and the NYSE composite rose 5.56 points to 555.00, topping Friday's closing records by both measures. The Nasdaq composite index, which lost 28 points Monday, rose 23.35 points to 1,748.51. Among the Nasdaq leaders, Dell Computer regained only a portion of Monday's 6-point loss, rising 2 1/16 to 65 3/16, but Sun Microsystems rose 4 21/32 to 42 7/16, nearly erasing Monday's 5-point drop. |
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