Dow Notches Sixth Straight Record, Tops 8,400

The Dow Jones industrial average rose to its sixth straight record Wednesday.

The Dow climbed 52.56 to 8,451.06, continuing a trend of small-to-modest gains that’s added just 155 points to the blue-chip barometer in five sessions. Even so, the Dow is now up nearly 7 percent for the new year despite a 4 percent plunge during the first six trading days of 1998.

Broader stock indicators also posted modest gains Wednesday, with the Standard & Poor’s 500 index closing at a record high for the eighth time in 12 sessions.

Once again, an early wave of profit-taking proved no match for the bargain-hunting bias behind the market’s record-setting rally.

“You have a market that’s being driven by momentum,” said Barry Hyman, senior equity analyst at Ehrenkrantz King Nussbaum, suggesting that the buying has remained restrained without any clear resolution to the economic crisis in Asia or the latest standoff with Iraq.

Advancing issues outnumbered decliners by a 7-to-5 margin on the New York Stock Exchange, where volume totaled 608.81 million shares, about even with Tuesday’s pace.

Some of the stocks that moved substantially or traded heavily Wednesday:

NYSE

Lucent Technologies, up 5-7/16 at 98.

The telecommunications technology company announced plans to split its stock 2-for-1 and increase its quarterly dividend by 6.7 percent. Lucent was spun off from AT&T in 1996.

Nike class B, up 1/4 at 44-5/8.

The stock traded actively after rising sharply on Tuesday amid rumors that Warren Buffett’s Berkshire Hathaway is buying more stock in the sneaker and apparel maker. Berkshire Hathaway already has about a 2 percent stake in Nike.

Hewlett-Packard, up 1-1/2 at 63-1/8.

The nation’s second-largest computer company reported a profit for its first quarter ended Jan. 31 that was slightly shy of analyst expectations. Hewlett-Packard, based in Palo Alto, Calif., also cautioned in late Tuesday’s report that it faces a “difficult environment in Asia.”

Steelcase, up at 33-5/8 from IPO at 28.

The office-furniture maker sold 12.15 million shares for $340.2 million, or $28 each, in an initial public offering. Steelcase had originally expected to sell the shares for $23 to $26 each.

NASDAQ

Spyglass, up 49/64 at 7-9/16.

The stock rose for a second session after Spyglass announced that its Mosaic Web browser will be used in Nokia’s next generation of digital cable and satellite set-top boxes.

Republic Automotive Parts, up 2-27/32 at 16-3/8.

Keystone Automotive Industries agreed to acquire the distributor of collision repair parts for stock valued at more than $17 a share.