Dow, S&P, Nasdaq Zoom to Record Closes in Heavy Volume
The
Dow Jones Industrial Average
soared to a record close, smashing the old record by a mile, as all of the major stock market gauges rallied in jaw-dropping fashion on heavy volume.
The Dow jumped 233.78, or 2.5%, to 9544.97, pulverizing the old record of 9374.27. The
S&P 500
also closed at a record high, advancing 27.56, or 2.2%, to 1272.35. The tech-heavy
Nasdaq Composite Index
smashed yesterday's closing record, soaring 69.35, or 3.1%, to 2320.62.
Small caps underperformed again, however. The
Russell 2000
gained 5.71, or 1.4%, to 427.80.
Internet stocks took wing.
TheStreet.com Internet Sector
index surged 33.40, or 8.1%, to 445.35.
A big chunk of the rally was attributed to enormous amounts of beginning-of-the-year cash flowing into mutual funds.
The 30-year Treasury bond rose, and was lately up 18/32 to 101 6/32, yielding 5.17%.
On the
New York Stock Exchange
, advancers beat decliners 2,006 to 1,090 on 986 million shares. On the
Nasdaq Stock Market
, winners beat losers 2,588 to 1,629 on 1.2 billion shares.
On the NYSE, 146 issues set new 52-week highs while 14 touched new lows. On the Nasdaq, 184 issues set new highs while new lows totaled 20.
On the Big Board,
Citigroup
(C) - Get Report
was most active, with 17 million shares changing hands. It ended up 3 3/8, or 6.6%, to 54 5/8.
On the Nasdaq, chip maker
Intel
(INTC) - Get Report
was most active, with 26.9 million shares changing hands. It jumped 6 1/4 to 129 1/2.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
.
2:56 p.m.: Dow Smashes Through 9500 Level
Going into the final hour of trading, the
Dow Jones Industrial Average
was trading above 9500 while the
Nasdaq Composite Index
was flying 3%, as cyberspace stocks were skyrocketing.
The Dow was up 218 to 9529. The Nasdaq Comp was up 62 to 2314. The
S&P 500
was up 25 to 1270. The
Russell 2000
was only up 5 to 427.
Market participants cited several factors for today's rally, including sharp gains in Asia and Europe as well as boatloads of beginning-of-the-year money that needs to be put to work -- and money managers are putting it to work in stocks.
"The money flows are just too overpowering," said Scott Curtis, senior equity trader at
Brown Brothers Harriman
. "It's going to be hard to push this market down."
TheStreet.com Internet Sector
index was up 33 to 445.
The 30-year Treasury bond was up 13/32 to 101 2/32, yielding 5.18%.
On the
New York Stock Exchange
, advancers were beating decliners 1,937 to 1,190 on 761 million shares. On the
Nasdaq Stock Market
winners were beating losers 2,518 to 1,567 on 991 million shares.
On the NYSE, 134 issues had set new 52-week highs while 12 had touched new lows. On the Nasdaq, 173 issues had set new highs while new lows totaled 17.
On the Big Board,
Compaq
(CPQ)
was most active, with 13 million shares changing hands. It was up 7/8 to 44 7/8.
On the Nasdaq,
Intel
(INTC) - Get Report
was most active, with 22 million shares changing hands. It was up 5 7/16 to 128 5/8.
Piper Jaffray
bumped its earnings estimate for chip maker to $4.45 from $3.81 and maintained its strong buy rating on the stock.
2:01 p.m.: Tech Stocks Continue to Lead Broad Rally
Today's broad-based stock rally might even be enough to make curmudgeon Andy Rooney of
60 Minutes
fame smile.
The major stock indices are all flying, with the tech-chunky
Nasdaq Composite Index
gaining the most, up 65, or 3%, to 2316. The investor frenzy for tech heavyweights like
Cisco
(CSCO) - Get Report
,
Dell
(DELL) - Get Report
,
Intel
(INTC) - Get Report
and
Microsoft
(MSFT) - Get Report
, pushed those stocks to new 52-week intraday highs. Cisco rose 4 1/4 to 101 1/8, Microsoft was up 3 1/2 to 149 15/16, Dell rose 3 to 79 1/4, while Intel gained 5 8/16 to 128 13/16. The stocks' 52-week intraday highs are: Cisco, 101 1/2; Dell, 78 13/16; Intel, 128 5/8; and Microsoft, 150.
Elsewhere, the
Dow Jones Industrial Average
was up 185 to 9497. The
S&P 500
was up 23 to 1268. The small-cap
Russell 2000
was up 5 to 427.
Joining the rally today -- unlike yesterday -- were the Internet stocks.
TheStreet.com Internet Sector
index was up 33 to 445.
In bondland, the 30-year Treasury was lately up 7/32 to 100 27/32, yielding 5.19%, shaking off earlier weakness.
On the
New York Stock Exchange
, advancers were beating decliners 1,867 to 767 on 243 million shares. On the
Nasdaq Stock Market
winners were beating losers 2,117 to 988 on 326 million shares.
On the NYSE, 85 issues had set new 52-week highs while 4 had touched new lows. On the Nasdaq, 109 issues had set new highs while new lows totaled 7.
On the Big Board,
MBNA
(KRB)
was most active, with 12 million shares changing hands. It was up 1 3/8 to 25 1/4.
On the Nasdaq, Intel was most active, with 19 million shares changing hands.
Piper Jaffray
bumped its earnings estimate for chip maker to $4.45 from $3.81 and maintained its strong buy rating on the stock.
Focus: NBA, Players Settle
After an initial sharp jump on news that the
NBA
and the players' union reached a deal to end the long lockout, basketball-related stocks like
Nike
(NKE) - Get Report
,
Reebok
(RBK)
,
Converse
(CVE) - Get Report
and the
Boston Celtics
(BOS) - Get Report
have eased off their best levels of the session, but are still enjoying solid gains.
Nike was lately up 2 5/16, or 6%, to 43, Reebok rose 9/16 to 16 1/4, and Converse gained 11/16, or 31%, to 2 15/16. Shares of the Celtics jumped 3 1/8, or 30%, to 13 5/8. The Celtics's stock hit a 52-week intraday high earlier in the session of 14 7/8.
When news of the settlement broke around midmorning, shares of those companies zoomed up in basically a straight line, their charts looking sort of like an Internet stock.
The deal -- which still must be approved by both the players and the NBA's Board of Governors -- is good news for TV networks who broadcast NBA games, namely
Turner Sports
and
NBC
. Turner is owned by
Time Warner
(TWX)
and NBC is owned by
General Electric
(GE) - Get Report
. Time Warner was lately down 1 3/8 to 62, while GE was up 1 3/4 to 104 7/16. GE today touched a new 52-week intraday high at 104 3/8.
1:00 p.m.: Midday Musings: Stocks Surge to Fresh Highs on Widespread Optimism
11:56 a.m.: Basketball-Related Stocks Soar as Lockout Ends
Stocks were jumping like
Michael Jordan
-- while, speaking of Jordan of
Chicago Bulls
fame, the
NBA
and the players' union have reached a deal to salvage the thin remnants of the season, according to an
Associated Press
report.
In the wake of the NBA settlement news,
Nike
(NKE) - Get Report
surged. It was lately up 2 7/18, or 6%, to 43 1/8. Nike rival
Reebok
(RBK)
rose a more modest 1/2 to 16 3/16.
Meanwhile, shares of the
Boston Celtics
(BOS) - Get Report
jumped 2 15/16, or 28%, to 13 7/16.
Overall, stocks were soaring. Leading the way higher was the tech-chunky
Nasdaq Composite Index
. It was up 53 to 2305. Elsewhere, the
Dow Jones Industrial Average
was up 135 to 9446. The
S&P 500
was up 18 to 1263. The
Russell 2000
was up 5 to 427.
Joining the rally today were the Internet stocks.
TheStreet.com Internet Sector
index was up 23 to 435.
Stocks rallied on the heels of hefty gains in Europe and Asia and thanks to money managers putting to work beginning-of-the-year cash inflows into the market.
The 30-year Treasury bond was lately down 9/32 to 100 12/32, yielding 5.23%.
On the
New York Stock Exchange
, advancers were beating decliners 1,867 to 767 on 243 million shares. On the
Nasdaq Stock Market
winners were beating losers 2,117 to 988 on 326 million shares.
On the NYSE, 85 issues had set new 52-week highs while 4 had touched new lows. On the Nasdaq, 109 issues had set new highs while new lows totaled 7.
On the Big Board,
MBNA
(KRB)
was most active, with 11 million shares changing hands. It was up 1 1/16 to 24 15/16.
On the Nasdaq,
Intel
(INTC) - Get Report
was most active, with 14 million shares changing hands. It was up 3 5/16 to 126 1/2.
Piper Jaffray
bumped its earnings estimate for chip maker to $4.45 from $3.81 and maintained its strong buy rating on the stock.
Tech Focus
Among the major tech-type indices, the
Philadelphia Stock Exchange Computer Box Maker Index
was up 2%, the
Morgan Stanley High-Tech 35
was up 3%, and the
Nasdaq 100
was up 2%.
The
Philadelphia Stock Exchange Semiconductor Index
was up 3%.
Internet stocks were flying.
eBay
(EBAY) - Get Report
was up 27 7/8, or 12%, to 252 9/16.
Yahoo!
(YHOO)
was up 16 3/8, or 6%, to 274 1/2.
11:07 a.m.: Nasdaq, S&P, Dow Surge into Record Territory
The color red was only making spotty appearances on traders' computer screens this morning as stocks rose to the heavens, pushing several of the major market indices into record territory.
The
Dow Jones Industrial Average
, the
S&P 500
and the tech-heavy
Nasdaq Composite Index
were all in record territory. The Dow was up 128 to 9439. The S&P 500 was up 17 to 1261, while the Nasdaq Comp was up 49 to 2301. The closing records for those indices are 9374.27 for the Dow, 1244.78 for the S&P 500, and 2251.27 for the Nasdaq Comp.
Among the leading industry groups boosting the S&P 500 this morning: transportation, communication services and technology. Leading the big-cap gauge were
Cisco
(CSCO) - Get Report
,
Microsoft
(MSFT) - Get Report
and
MCI WorldCom
(WCOM)
. Cisco was up 3 3/16 to 100; Microsoft was up 2 3/8 to 14 13/16; and MCI WorldCom was up 3 1/16 to 78.
The small cap
Russell 2000
was up 5 to 427.
TheStreet.com Internet Sector
index has skyrocketed 5 to 434.
Yahoo!
(YHOO)
was the biggest gainer in the index, up 17 15/16, or 7%, to 275 5/8.
In the Treasury market, the 30-year bond was lately down 3/32 to 100 18/32, yielding 5.21%.
Stocks were soaring in part on the heels of rallies in Asia and Europe. Also boosting the market was the fact that money managers are putting to work beginning-of-the-year cash inflows into stocks.
Advancers were trouncing decliners.
On the
New York Stock Exchange
, advancers were beating decliners 1,867 to 767 on 243 million shares. On the
Nasdaq Stock Market
winners were beating losers 2,117 to 988 on 326 million shares.
On the NYSE, 85 issues had set new 52-week highs while 4 had touched new lows. On the Nasdaq, 109 issues had set new highs while new lows totaled 7.
Generally speaking, the last week of the previous year and first week of the new year sets the tone for what the market's going to do for the balance of the year, noted Peter Cardillo, chief strategist at
Westfalia Investments
.
To say the least, that bodes well for the market.
He said the rally could continue for another day or two. However, he did caution that starting next week, "we could see the market pull back by at least 4% to 5%."
Cardillo believes, thanks to the current low interest rate and low inflation environment, the Dow will reach 10,000 in the first quarter.
On the Big Board,
MBNA
(KRB)
was most active, with 11 million shares changing hands. It was up 3/4 to 24 5/8.
On the Nasdaq,
Intel
(INTC) - Get Report
was most active, with 11 million shares changing hands. It was up 2 3/8 to 125 5/8.
Piper Jaffray
bumped its earnings estimate for chip maker to $4.45 from $3.81 and maintained its strong buy rating on the stock.
On the economic front, the
Commerce Department
said
new-home sales
in November surged 7.6%.
9:53 a.m.: Nasdaq Leads Charge Higher
Thanks in part to rallies in Asia and Europe, stocks here popped sharply higher early on, with the tech-heavy
Nasdaq Composite Index
leading the way.
The Nasdaq Comp was up 37 to 2289. The
Dow Jones Industrial Average
was up 79 to 9390. The
S&P 500
was up 12 to 1257. The small-cap
Russell 2000
was up 4 to 426.
TheStreet.com Internet Sector
index was soaring 20 to 432.
The 30-year Treasury bond was lately down 5/32 to 100 16/32, yielding 5.22%.
Most Up at Open -- NYSE
Vodafone (VOD) - Get Report, up 5 15/16 to 185 1/16
: The British mobile phone company wants to buy
AirTouch
(ATI) - Get Report
.
Most Up at Open -- Nasdaq
Amazon.com (AMZN) - Get Report, up 11 7/8 to 136 3/8
.
Most Down at Open -- NYSE
North Fork Bancorp (NFB) , down 1/2 to 23 1/8
.
Most Down at Open -- Nasdaq
Aspect Telecommunications (ASPT) , down 3 13/16 to 13 1/4
: The company said yesterday it expects fourth-quarter results to be lower than expectations.
