Nasdaq Composite Index
closed at record highs as stocks enjoyed a modest advance, while
skyrocketed in its trading debut.
Efficient Networks, a developer and supplier of DSL equipment, was up 36 1/8, or 240.8%, to 51 1/8. Its 4 million-share IPO was priced yesterday by
Credit Suisse First Boston
at $15 a share.
Stocks gained thanks to strong earnings news and on market-friendly inflation data.
reported the Consumer Price Index was unchanged in June, while the core CPI, which excludes food and energy prices, was up only 0.1%. According to a
poll, analysts had expected a 0.1% increase in the overall CPI, while they had projected a 0.2% rise in the core CPI.
On the downside, the
Philadelphia Stock Exchange Forest & Paper Products Index
, which was up handsomely this month going into today, gave up a huge chunk of those gains, tumbling 3.6%.
The airline sector slumped, led lower by
, which warned in a filing with the
Securities and Exchange Commission
that profits in the second half of the year will fall below Wall Street estimates. It was down 3 7/16, or 7.8%, to 40 7/8. The
American Stock Exchange Airline Index
New York Stock Exchange
, advancers beat decliners 1,827 to 1,054 on 802.5 million shares. On the
Nasdaq Stock Market
, winners beat losers 2,267 to 1,715 on 1.11 billion shares.
On the NYSE, 131 issues set new 52-week highs while 33 touched new lows. On the Nasdaq, 215 issues set new 52-week highs while new lows totaled 33.
On the Big Board,
was most active, with 17.4 million shares changing hands. It was down 2 1/8 to 120 7/8.
On the Nasdaq,
was most active, with 23.5 million shares changing hands. It was down 5/16 to 67 11/16.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
3:05 p.m.: Stocks Post Solid Gains on Friendly Inflation Data
Major market barometers strode into the final hour of trading enjoying solid gains, buoyed in part by market-friendly inflation data.
1:57 p.m.: Benign Inflation Data Continue to Buoy Stocks
With another benign inflation report under their belt, major market averages continued higher this afternoon.
1:04 p.m.: Midday Musings: No Big Excitement Follows CPI as Market Awaits a Spark
12:04 p.m.: Stocks Cling to Modest Gains but Treasury Market Slips Into the Red
Major market averages were higher late this morning, while the 30-year Treasury bond slipped underwater.
10:51 a.m.: S&P 500 Leads Climb After Market-Friendly CPI Data
Compliments of a market-friendly report on inflation, stocks and bonds advanced this morning as the
was leading the market's major gauges on the upside.
10:00 a.m.: Stocks Open Higher After Flat CPI
Stocks were higher after the
reported that the
Consumer Price Index
in June came in unchanged, while the core CPI, which excludes food and energy prices, was up only 0.1%.