Regis Philbin
Oct 26th, 2006, 06:51 PM
http://money.cnn.com/2006/10/26/markets/markets_0515/index.htm?cnn=yes
Nasdaq joins the party
The tech-fueled composite ends at its best point in 5-1/2 years; S&P 500 at an almost 6-year high; Dow at a new record, again.
By Alexandra Twin, CNNMoney.com senior writer
October 26 2006: 6:09 PM EDT
NEW YORK (CNNMoney.com) -- Falling oil prices and surging tech shares recharged the rally Thursday, pushing the Dow to another record high, the S&P 500 to an almost 6-year high and the Nasdaq to its highest point in 5-1/2 years.
The tech-fueled Nasdaq composite (up 22.51 to 2,379.10, Charts) gained nearly 1 percent, taking out its 2006 closing record and ending at its highest point since February 2001.
The Dow Jones industrial average (up 28.98 to 12,163.66) added 0.2 percent, closing at a new record high, after touching a new trading high of 12,167.02 in the afternoon. The blue-chip barometer has now closed at a new record for 13 of the last 18 sessions.
The broader S&P 500 (up 6.86 to 1,389.08) index added around 0.5 percent, ending at the highest point since November 2000.
Stocks advanced at the open on some upbeat earnings news, declined after the new home sales report, and then recharged in the afternoon, led by the technology and financial sectors.
"It's been a steady increase since the morning," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "We sold off after the housing number, but since then we've stepped up nicely, with oil prices falling and technology leading."
Saluzzi said that in general, he thinks the upward trend should continue.
"The rally isn't real because it's taking out new records on the Dow, it's real because of the fundamentals," he said, including the earnings and the sense that the economy is growing at a good pace to sustain earnings, but not push inflation higher.
Nasdaq joins the party
The tech-fueled composite ends at its best point in 5-1/2 years; S&P 500 at an almost 6-year high; Dow at a new record, again.
By Alexandra Twin, CNNMoney.com senior writer
October 26 2006: 6:09 PM EDT
NEW YORK (CNNMoney.com) -- Falling oil prices and surging tech shares recharged the rally Thursday, pushing the Dow to another record high, the S&P 500 to an almost 6-year high and the Nasdaq to its highest point in 5-1/2 years.
The tech-fueled Nasdaq composite (up 22.51 to 2,379.10, Charts) gained nearly 1 percent, taking out its 2006 closing record and ending at its highest point since February 2001.
The Dow Jones industrial average (up 28.98 to 12,163.66) added 0.2 percent, closing at a new record high, after touching a new trading high of 12,167.02 in the afternoon. The blue-chip barometer has now closed at a new record for 13 of the last 18 sessions.
The broader S&P 500 (up 6.86 to 1,389.08) index added around 0.5 percent, ending at the highest point since November 2000.
Stocks advanced at the open on some upbeat earnings news, declined after the new home sales report, and then recharged in the afternoon, led by the technology and financial sectors.
"It's been a steady increase since the morning," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "We sold off after the housing number, but since then we've stepped up nicely, with oil prices falling and technology leading."
Saluzzi said that in general, he thinks the upward trend should continue.
"The rally isn't real because it's taking out new records on the Dow, it's real because of the fundamentals," he said, including the earnings and the sense that the economy is growing at a good pace to sustain earnings, but not push inflation higher.