In 1979, baseball huckster
held "Disco Demolition Night," a promotion that encouraged fans to bring their disco LPs and watch them get destroyed. Twenty years later, the
Dow Jones Industrial Average
has shattered more records than that little event.
The Dow's final score: 11,299.76, 89.91 points higher than the previous record of 11,209.84 set on July 16. The
Nasdaq Composite Average
was up 71.24, a 3% gain, to 2719.57. The little guys did well, but not that well. The
was up 23.61 to 1360.22, while the
was up 2.87 to 437.25.
Tech stocks did well today.
gleesome threesome of
TheStreet.com E-Commerce Index
TheStreet.com E-Finance Index
TheStreet.com Internet Sector
index were all up today. E-Commerce was up 0.85 to 91.15. E-Finance was up 1 to 64.50. The Internet sector smiled brightest, up 14.54, or 3%, to 571.71.
rustled up the Internet sector, while
got the little E-Finance doggies along. AOL was up 3 1/2, or 4%, to 98 11/16. Amazon was up 5 1/16, or 4%, to 118 3/8. Ameritrade was up 1 1/8, or 5%, to 22 13/16. TeleBanc Financial was up 3/4, or 3%, to 26 3/4.
"Your love is like bad medicine. Bad medicine is what I need." The
American Stock Exchange Pharmaceutical Index
was up 11.30 to 373.60 while humming
tunes from the late '80s. The Big Board's volume leader
, up 1 15/16, or 5%, to 38 7/8 on 15 shares, was
Jon Bon Jovi
, up 2 7/16, or 4%, to 70 1/16 was last seen clutching a guitar and photos of
: "Thank you for accounting for 34.51 points of our gain." The reply from J.P., up 6 13/16, or 5%, to 139 3/4: "The pleasure was all mine."
interrupted: "We accounted for 18.36 points of the Dow's gain."
got a word in edgewise: "We accounted for 15.83 points."
felt like chopped liver. It was down 1 9/16, or 2%, to 66 1/8.
The news update from Mergerville, population 6: "Everyone Wins!"
for $308 million in cash. And both companies went up! Textron was up 3 5/16 to 84 1/2, while OmniQuip was way up 7 7/16 to 20 5/8.
won after it announced the purchase of
Transaction Network Services
for $720 million in stock and cash. Winners! Transaction Network Services was up 9 to 43 1/4 while PSINet was up 3/8 to 45 7/8.
Ladies and gentlemen, another winner.
announced it was buying
for $540 million in stock. Sun warmed a bit, up 1/2 to 74 13/16, while merging must be Forte's forte because it was up 4 3/8, or 26%, to 21 1/8.
New York Stock Exchange
, advancers were beating decliners 1,709 to 1,250 on 679 million shares. On the
Nasdaq Stock Market
, winners were beating losers 2,107 to 1,826 on 911 million shares.
On the NYSE, 70 issues had set new 52-week lows while 77 had touched new highs. On the Nasdaq, 52 issues had set new 52-week lows while new highs totaled 124.
On the Nasdaq,
was most active, with 49 million shares changing hands. It was up 2 1/2 to 45 3/4.
3:07 p.m.: Major Indices Soar as Techs, Financials and Drug Issues Jump
In Albert Lamorisse's book
Le Ballon Rouge
, a red balloon follows a young boy through the streets of Paris. At the end of the book, the balloon flies away. Today, the market is that whimsical little balloon.
2:08 p.m.: Techs, Financials Lead Charge Higher
Stocks barreled into the afternoon with the tech sector leading the charge followed closely behind by financials.
1:05 p.m.: Midday Musings: Fed Proves Powerless to Instill Further Worry as Stocks Rally
12:04 p.m.: Stocks Solidly Higher Ahead of Tomorrow's Fed Meeting
Stocks were rolling into the lunch hour with some beefy gains as sanguineness permeated the market ahead of tomorrow's gathering of
11:03 a.m.: Dow Nears All-Time High
There was nearly as much optimism on Wall Street this morning as there has been mind-numbing debate over whether presidential hopeful
George W. Bush
should answer questions about rumors that he did drugs.
9:54 a.m.: Stocks Add to Friday's Gains
Stocks were higher early on as the market built on
Friday's gains as traders feasted on a slew of takeover news ahead of tomorrow's meeting of the
Federal Open Market Committee