Dow Closes at Record High

The tech sector was a big winner.
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In 1979, baseball huckster

Bill Veeck

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

S&P 500

was up 23.61 to 1360.22, while the

Russell 2000

was up 2.87 to 437.25.

Tech stocks did well today.

TheStreet.com's

gleesome threesome of

TheStreet.com E-Commerce Index

,

TheStreet.com E-Finance Index

, and

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.

Yeehaw!

America Online

(AOL)

and

Amazon.com

(AMZN) - Get Report

rustled up the Internet sector, while

Ameritrade

(AMTD) - Get Report

and

TeleBanc Financial

(TBFC)

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

Bon Jovi

tunes from the late '80s. The Big Board's volume leader

Pfizer

(PFE) - Get Report

, up 1 15/16, or 5%, to 38 7/8 on 15 shares, was

Jon Bon Jovi

.

Merck

(MRK) - Get Report

, up 2 7/16, or 4%, to 70 1/16 was last seen clutching a guitar and photos of

Heather Locklear

and

Cher.

Dow to

J.P. Morgan

(JPM) - Get Report

: "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."

General Electric

(GE) - Get Report

interrupted: "We accounted for 18.36 points of the Dow's gain."

American Express

(AXP) - Get Report

got a word in edgewise: "We accounted for 15.83 points."

Alcoa

(AA) - Get Report

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!"

Winner

Textron

(TXT) - Get Report

bought winner

OmniQuip International

(OMQP)

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.

PSINet

(PSIX)

won after it announced the purchase of

Transaction Network Services

(TNI)

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.

Sun Microsystems

(SUNW) - Get Report

announced it was buying

Forte Software

(FRTE)

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.

On the

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,

Dell

(DELL) - Get Report

was most active, with 49 million shares changing hands. It was up 2 1/2 to 45 3/4.

Earlier...

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

Greenspan

& Friends.

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

.