Dow Hits 26th Record High of '95: Rallying on Drop in Long-Term Bond Rates, Average Climbs 6.91
NEW YORK, May 9ÛÓBlue-chip stocks reached record high ground for the 26th time this year, as investors welcomed a drop in long-term bond interest rates to the lowest level in more than a year.</br></br>The Dow Jones industrial average ended with a gain of 6.91 points at 4390.78, surpassing MondayÛªs record closing high of 4383.87. In the broader market, advancing issues outnumbered declining stocks by about 13 to 10 on the New York Stock Exchange.</br></br>Some analysts said the stock marketÛªs rally was uninspiring, and they concluded that investors were mostly content in watching bond prices levitate and precious metals prices tumble.</br></br>"WeÛªre taking a breather with no major news,Û said Robert Stovall, president of Stovall/Twenty-First.</br></br>While investors moved into stocks and bonds on expectations of lower interest rates, funds were liquidating precious metals. On New YorkÛªs Commodity Exchange, spot gold closed $6.20 lower at $383.60 an ounce. Spot silver fell 54.6 cents to $5,448 an ounce.