Technology Rally Propels Dow Above 6,300

Stocks continued their assault on unexplored territory Thursday, as the Dow Jones industrial average climbed to its seventh consecutive record high on the back of a scintillating market for technology shares.

The Dow rose 38.76 points to 6,313.00, closing above 6,300 for the first time. The Dow has now gained 319.77 points, or 5.3 percent, since November 1.

Several broad market indexes broke new ground as well.

Gains have been fueled by a new influx of investment dollars into mutual funds since the Nov. 5 elections confirmed Democrats and Republicans will split power in Washington, something traders believe will restrain inflationary government programs and help reduce the deficit.

“There has been a stampede by buyers and a strike by sellers,” said Michael Metz, Oppenheimer & Co. “It will continue until it stops.”

Advancing issues led decliners by 3 to 2 on the NYSE. Volume was strong at 478.55 million shares as of 4 p.m., up from Wednesday’s pace.

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

NYSE

Advanced Micro Devices rose 3-1/8 to 24-3/4.

The Sunnydale, Calif., computer chip maker said Wednesday it had begun sampling its sixth-generation Microsoft Windows-compatible personal computer microprocessor with key development partners.

Motorola rose 2-5/8 to 54-1/2.

The stock rose with other technology stocks. Also, the Schaumburg, Ill., telecommunications company said William Weisz will retire as chairman effective Jan. 1, 1997, but will remain vice chairman until May 1997 in order to assist with a planned management transition.

Lands’ End rose 2-1/4 to 24-7/8.

The catalog retailer more than quadrupled operating earnings, to 22 cents a share, excluding a 3 cents a charge related to a prior subsidiary sale.

Digital Equipment Corp. rose 2 to 33-1/4.

Chairman Robert B. Palmer told shareholders the computer maker is “going to have a reasonable year this year and we’re going to grow” and return to profitability.

NASDAQ

Sun Microsystems Inc. rose 1/4 to 58-1/8.

Stockholders approved an increase in the company’s authorized common shares to 940 million shares from 300 million shares, allowing the company to go forward with a previously announced two-for-one stock split.

Microsoft rose 4-5/8 to 149-5/8.

The stock gained 3-1/4 on Wednesday after the software giant announced a 2-for-1 stock split. Also on Wednesday, Microsoft said it had joined with MCI and British Telecom to sell a package of Internet services and software to multinational companies.