12,000 for the second straight session, but the broader market struggled to hold its gains after fresh data cast doubt on the economy s strength.
Strong results from Dow components Coca-Cola Co. and Pfizer Inc.
helped rally blue chips to an intraday high of 12,027.74 -- about 22 points shy of the record set Wednesday. However, stocks trended lower in the afternoon after a pair of soft landing of the economy.
The Conference Board s index of U.S. leading economic indicators rose less than forecast in September.
Meanwhile, the Philadelphia Fed s general economic index contracted for the first time since April 2003.
optimism the Fed might even cut rates in early 2007. The afternoon slide might also be a retrenchment as many investors cash in profits, one trader said.
There are a number of reasons why the market might have stalled today, and most of that is because we ve already had a substantial run-up, said Warren West, president of Philadelphia-based Greentree Brokerage Services Inc. Beyond that, we had an economic report that was worse than anyone had anticipated, and that may have been a reason for investors to stand aside.
In late afternoon trading, the Dow rose 12.
73, or 0.11 percent, to 12,005.41.
or 0.02 percent, to 1,366.18, and the Nasdaq composite index rose 0.
08, or less Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.79 percent from 4.76 percent late Wednesday.
The dollar was mixed against other major currencies, while gold prices rose.
a possible cut of 1 million barrels a day to prop up prices. A barrel of light sweet crude rose 85 cents to $58.
50 on the New York Mercantile Exchange.
Wall Street has been watching corporate earnings closely, and Thursday s offerings offered a mixed bag. Maintaining the Dow s momentum has been strength from two of its components that reported profit, while disappointing profit from several technology issues.
Coca-Cola reported quarterly profit rose 14 percent, aided by sales in Europe due to the World Cup soccer promotions and growth in emerging markets. The results surpassed Wall Street projections. Shares rose $1.
10, or 2.5 percent, to $45.006.
ago when results were hurt by an acquisition charge. The world s largest drugmaker also promised more cost cutting in years ahead. Shares of Pfizer fell 23 cents to $27.
87 after spending most of the day in positive territory.
There s a lot of fanfare about 12,000, but it s just another number, said David Darst, chief investment strategist for Morgan Stanley s global wealth management group. The real story is that there is a river of liquidity that is flowing through the market.
...
The 12,000 number is one more confirmation of that.
Another bright spot was Apple Computer Inc., which surged after reporting of its iPod music players and Macintosh computers.
Its shares rose $4.80, or 4.8 percent, to $79.
29.
However, investors were rattled by Advanced Micro Devices Corp. s quarterly prices.
The world s No. 2 chip maker reported a 77 percent jump in profit from the year-ago period. It fell $2.
69, or 11.1 percent, to $21.54.
Also falling was Nokia Corp. after the handset maker posted a 4 percent decline margins erode. Nokia fell 58 cents, or 2.
9 percent, to $19.29.
Dell dropped $1.
40, or 5.6 percent, to $23.30 after two research firms said rival Hewlett-Packard Co.
surpassed it as the world leader in personal computer shipments.
Advancing issues barely outnumbered decliners on the New York Stock Exchange, Wednesday.
The Russell 2000 index of smaller companies was up 3.
02, or 0.48 percent, to 766.43.
Overseas, Japan s Nikkei stock average closed lower by 0.61 percent. In afternoon trading, Britain s FTSE 100 was up 0.
09 percent, Germany s DAX index was down 0.09 percent, and France s CAC-40 fell 0.03 percent.
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