Dow, S&P Build on Wednesday's Record Highs
Oil issues continued to advance after yesterday's rally, as the
Dow Jones Industrial Average
was above the 9800 level for the first time ever.
Oil stocks jumped thanks to a continuing rise in crude oil prices which have risen lately on expectations of
OPEC
output cuts.
Today Ali al-Naimi, the Saudi Arabian oil minister, said he expects an agreement on "substantial" oil output cuts soon,
Reuters
reported. The oil minister said further discussions would be needed, but he also said he hoped for a deal "soon," the news agency reported. Naimi made the comments in Amsterdam, where he is meeting with oil ministers from Iran, Venezuela, Algeria and officials from non-OPEC countries, the report said.
The
Chicago Board Options Exchange Oil Index
was up 1%. The
Philadelphia Stock Exchange Oil Service Index
was also up 1% after jumping more than 11% yesterday.
The
Dow Jones Industrial Average
was up 55 to 9828.
Chevron
(CHV)
was up 2 1/16 to 85 5/16, the biggest boost to the Dow.
The
S&P 500
was up 7 to 1294, climbing further into record territory. The
Nasdaq Composite Index
was up 17 to 2423. The small-cap
Russell 2000
up 1 to 403.
TheStreet.com Internet Sector
index was up 7 to 595.
TheStreet.com E-Commerce Index
was up 2 to 111.
The 30-year Treasury bond was down 4/32 to 95 15/32, yielding 5.56%.
On the economic front, the
Commerce Department
reported that
retail sales
rose 0.9% in February. Retail sales, excluding autos, rose 0.2%.
On the
New York Stock Exchange
, advancers were beating decliners 1,578 to 996 on 236 million shares. On the
Nasdaq Stock Market
, winners were beating losers 1,664 to 1,355 on 291 million shares.
On the NYSE, 53 issues had set new 52-week highs while 36 had touched new lows. On the Nasdaq, 63 issues had set new highs while new lows totaled 26.
On the Nasdaq,
Brightpoint
(CELL)
was most active, with 16 million shares changing hands. It was down 6 15/16, or 53%, to 6 1/8. The company yesterday warned it sees a break-even first quarter, excluding an accounting charge. The
First Call
11-analyst outlook called for earnings of 22 cents a share vs. the year-ago 16 cents. Today, the stock was downgraded by several Wall Street firms.
On the Big Board,
Compaq
(CPQ)
was most active, with 8 million shares changing hands. It was flat at 31 9/16.
9:57 a.m.: Stocks Rise amid Climb in Retail Sales
Stocks were higher in the early going, while overall
retail sales
rose 0.9% in February.
Retail sales, excluding autos, rose 0.2%.
The
Dow Jones Industrial Average
was up 35 to 9808. The
S&P 500
was up 4 to 1291.
The
Nasdaq Composite Index
was up 14 to 2420. The
Russell 2000
was up 1 to 402.
TheStreet.com Internet Sector
was up 7 to 595.
TheStreet.com E-Commerce Index
was up 3 to 112.
The 30-year Treasury bond was down 10/32 to 95 9/32, yielding 5.58%, in the wake of the retail sales report.
Most Up at Open -- NYSE
BP Amoco (BPA) , up 4 7/8 to 93 1/8
: The oil company was higher thanks to stronger oil prices.
Most Up at Open -- Nasdaq
VerticalNet (VERT) , up 4 3/4 to 101
.
Most Down at Open -- NYSE
Nokia (NOKA) , down 2 5/16 to 148 1/8
.
Most Down at Open -- Nasdaq
InfoSpace.com (INSP) - Get Report, down 11 15/16 to 73
: The company yesterday filed with the
Securities and Exchange Commission
a registration to sell up to 2.8 million shares.
