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Higher still for stocks
NEW YORK Stock prices are rallying, building upon recent levels that have been the highest in nearly five years. The Dow Jones industrial average is up 51 points at eleven-thousand-261. Gainers on the New York Stock Exchange hold a two-to-one lead over losers.The Nasdaq Composite Index has gained five at 23-hundred-17.And the Standard-and Poor's 500 Stock Index is up four at 13-hundred and seven.Trading on the New York Stock Exchange during the first two hours totaled 554 (m) million shares. Volume on the Nasdaq Market came to 836 (m) million shares.Investors have continued to bid stock prices higher, seeing the latest economic reports, which included a tame inflation reading.The Labor Department says the Consumer Price Index, both headline and core, rose one-tenth of one percent in February.Bear Stearns became the latest brokerage house to post better-than-expected earnings. That news was countered with word regulators were in a 250 (m) million dollar settlement with the company over improper mutual fund trading.ConAgra Foods shares were down after the food producer announced a restructuring plan including sale of its seafood and cheese businesses and said it would result in unspecified one-time charges for the rest of the year. The company also cut its quarterly dividend by 34 percent.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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