Dow index keeps up record pace


NEW YORK -- U.S. stocks were mixed yesterday as declines in telephone and brokerage issues countered gains in cyclical and computer-related shares.

The Dow Jones industrial average rose to its third straight high, buoyed by gains in shares of cyclical companies, whose earnings rise and fall with the economy.

Eastman Kodak Co., Goodyear Tire & Rubber Co. and Aluminum Co. of America helped the Dow industrials rise 6.14 points, to 4,870.37, its 55th all-time high this year. For the week, the average climbed 0.9 percent, compared with 1.8 percent last week.

Still, 1,246 stocks fell on the New York Stock Exchange, outnumbering the 975 that rose. Losses in Philip Morris Cos., Texaco Inc. and International Business Machines Corp. tempered the Dow industrials' gains.

About 289 million shares changed hands, compared with 379 million Thursday.

Boeing Co. shares jumped $1.25, to $71.25, amid optimism that Singapore Airlines Ltd. will award contracts for 33 jetliners to the aircraft manufacturer Tuesday. Eastman Kodak's stock rose $1.50, to $66.375, and Alcoa added $1.50, to reach $54.125.

The Morgan Stanley cyclical index of 30 stocks rose 1.89, to 338.42, compared with a 0.38 decline to 271.95 in the firm's consumer product index. The cyclical index is down 5 percent since Sept. 15. Companies that make consumer products gained.

The Standard & Poor's 500 index balked at its new high, dropping 0.54, to 592.72. Thursday, the broad market index gained 1.55, to reach 593.26, its 66th high this year. Telephone, brokerage and electric utilities contributed to the loss, while software, computer and food stocks gained.

The technology-laden Nasdaq composite index slipped 1.72, to 1,063.87, after rising to 1,068.81 earlier. Microsoft Corp.'s $2.125 loss, to $96.875, and Intel Corp.'s 75-cent decline, to $68.25, weighed the index down. The benchmark producers of software and computer chips were among those that gained the most yesterday.

The Russell 2000 index of small companies climbed 0.36, to 304.32; the American Stock Exchange market value index rose 0.19, to 531.00; and the Wilshire 5000 index fell 2.41, to 5,863.68.

Cisco Systems Inc.'s better-than-expected earnings tempered the losses in Microsoft and Intel. Cisco's $1.25 gain, to $87.875, helped companies that make software and computer equipment used for on-line services march to more record highs.

Cisco's stock, which has surged 140 percent in the last year, was the most actively traded on U.S. exchanges.

Sun Microsystems spiked up $4.75 to a record $89.875, adding to its 133 percent gain for the year.

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