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Saturday, June 6, 2020  Spokane, Washington  Est. May 19, 1883
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News >  Nation/World

Nasdaq Cruises To Eighth Straight Record High

By Associated Press

Big-name computer stocks drove the Nasdaq market to a record close for the eighth straight session, but the broad market ended nearly unchanged Monday after an early foray toward new highs.

The Dow Jones industrial average rose 1.16 to 7,922.98 after erasing a 61-point deficit over the last half hour of trading. The Dow turned lower in the afternoon after surrendering a 29-point gain that put the blue-chip barometer within 50 of the 8,000 mark.

The technology-rich Nasdaq composite index rose 21.26 to 1,523.88, giving it an eight-session gain of 85 points, or nearly 6 percent.

Microsoft, which reports on its second-quarter profits on Thursday, jumped 5-7/8 to 135-3/8, and Dell Computer rose 4-3/4 to 142-3/4 on top of Friday’s 9-point surge to lead Monday’s Nasdaq advance.

On the New York Stock Exchange, meanwhile, Hewlett-Packard rose 4-1/16 to 65-1/16 as the Dow’s biggest gainer, and Compaq Computer rose 4-3/8 to 128-1/4.

Bill Meehan, market analyst at Prudential Securities, said Compaq’s robust earnings report last week bolstered confidence that technology profits can continue to grow.

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

NYSE

Imperial Chemical Industries, up 3-5/8 at 59-7/8 .

DuPont agreed to buy two major businesses of London-based ICI in a $3 billion deal. One of the businesses makes titanium dioxide, a white pigment, and the other makes polyester films, resins and intermediates.

Sports Authority, down 1-11/16 at 19.

The sporting goods retailer warned that its second-quarter earnings will be below analysts’ estimates. Sports Authority, based Fort Lauderdale, Fla., said sales of in-line skates have fallen, while fitness and outdoor categories have been weak.

NASDAQ

HCIA, down 16-1/4 at 15-3/4.

The developer of computer systems for hospitals and physician groups warned that its second-quarter results will be substantially below Wall Street’s expectations. HCIA blamed the poor outlook on a revenue shortfall at its Provider Solutions unit, and the failure of some other units to close several significant deals.

American International Petroleum, up 1 at 4.

The government of Kazakhstan approved the oil and gas company’s purchase of a 70 percent interest in a 4.7 million acre field in the Usturt Basin of western Kazakhstan.

At Home, up 5-3/8 at 22-3/8.

The Internet access provider’s stock began trading Friday after At Home sold 9 million shares for $10.50 apiece. The stock opened Friday at nearly $25 and rose as high at $27.50 before closing at $17. At Home is based in Redwood City, Calif.

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