Industrials Flirt With High During Summer's Doldrums
May 05, 2011
The Dow Jones Industrial Average just keeps charging ahead despite the August doldrums. The Dow Jones industrials surged 43.65 to 5733.47 to close Thursday at the highest level since late May. The blue-chip measure is now less than 1% from its record close of 5778, reached in May. Bond prices edged lower and the dollar was mixed. As the industrials continued their late-summer flirtation with another record, previously drowsy technology stocks bounded higher. The Nasdaq Composite Index, rich with technology shares, jumped 17.12 to 1143.96. The Standard & Poor's 500-stock index gained 5.61 to 670.68. The New York Stock Exchange Composite Index rose 2.61 to 358.72. Despite the positive session, investors continued to show signs of hedging their bets. Defensive sectors including electric utilities, big-name consumer stocks and energy issues all pushed ahead. Precious-metal stocks are also showing sustained strength, another indicator of a risk-averse market. ``The market finds itself trying to sort through a lot of economic and political fanfare,'' said Eugenie Denis, director of technical research at Janney Montgomery Scott in Philadelphia. ``And until it does sort through that, we will continue to have this lack of real leadership.'' A rate cut by the German central bank failed to ignite much excitement among bond traders. Prices briefly rallied after the Bundesbank move, then investors began turning a pessimistic eye toward the August employment report, due out in two weeks. A very strong jobs report, traders said, would probably shatter the late-summer calm. World-wide, stock prices rose in dollar terms. The Dow Jones World Stock Index gained 0.93 to 140.33.
VastPress 2011 Vastopolis
