Industrials Climb 19.55 to 2999.75 on Strength of Earnings Reports
NEW YORK -- The Dow Jones Industrial Average climbed to a new record yesterday, closing just a fraction under 3000.</br></br>The industrials closed 19.55 higher at 2999.75, the third consecutive high.</br></br>In early trading it seemed as if the industrial average would easily close above the 3000 mark. Many key earnings reports turned out better than expected. International Business Machines hit the high end of analysts' expectations, announcing earnings of $2.45 a share for the second quarter. Investors pushed the stock up 1 3/8 to 122 3/8 in turnover of 2.2 million shares.</br></br>United Technologies, another stock in the industrial average, gained 1 1/2 to 60 3/8 after an upbeat earnings announcement late Friday.</br></br>NCR Corp., a computer maker, rocketed 3 7/8 to 68 after reporting strong second-quarter earnings, and other technology issues followed the stock higher. Digital Equipment, for example, climbed 7/8 to 85 1/8.