Columbus Day Treats Dow Kindly

After a week of waiting, Columbus Day provided a suitable backdrop, literally and figuratively, for the Dow Jones industrial average to float into unchartered waters.

The famed barometer of big U.S. companies rose 40.62 to 6,010.00, shooting past the 6,000 milestone early in the session and, unlike last week’s fleeting attempts, held its ground for the rest of the session, benefiting from a holiday session that proved dependably uneventful.

The Standard & Poor’s 500 list and the Nasdaq composite index also moved back into record territory on Monday, padding Friday’s rebound from several days of profit-taking on the market’s rapid ascent.

But most analysts noted that Monday’s advance came on the type of light holiday volume that can easily exaggerate the moves of a few stocks, particularly in a small index such as the Dow.

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

NYSE

Chrysler, up 1 at 32-3/4.

Ford, up 7/8 at 32-7/8.

General Motors, up 1-3/4 at 51-7/8.

Chrysler’s third-quarter profit nearly doubled, beating estimates. Last year’s third quarter was hurt by costs and lost production from the launch of Chrysler’s new minivans and a sales plunge in Mexico. The results bolstered hopes for Ford and GM, which report later in the week.

Rite Aid, down 1-1/2 at 34-3/8.

Thrifty PayLess, up 3 at 21-3/8.

Rite Aid agreed to acquire Thrifty PayLess for almost $2.3 billion in stock and assumed debt. The deal comes six months after Rite Aid abandoned a $1.8 billion bid to buy Revco amid FTC opposition.

Archer Daniels Midland, up 1-1/8 at 21-3/4.

Decatur, Ill.-based ADM will plead guilty to two charges and pay $100 million in penalties to end a federal price-fixing probe.

Albertson’s, down 6-1/2 at 36-1/8.

The Boise, Idaho-based food and drug retailer expects earnings to be below expectations for its third and fourth quarter. Albertson’s blamed greater than anticipated costs related to its recent strategy to improve sales. Albertson’s has been beefing up customer service efforts at its stores, adding managers, and increasing its offerings of ready-made meals.

NASDAQ

Cisco Systems, down 1/2 at 65-1/4.

The computer networking concern agreed to buy privately held Netsys Technologies of Palo Alto, Calif., for $79 million in stock. San Jose-based Cisco has held a minority stake in Netsys since early 1995. Costs from the purchase will cut Cisco’s earnings by 5 to 6 cents a share in the current quarter.