Dow edges toward 5,000
STOCKS pushed into record territory last week as the Dow industrials hit three peaks and moved within 130 points of the 5,000 mark, a milestone some analysts say could be reached by the end of the year.
The Dow Jones index closed Friday at a record 4,870.37 points, up 54.80 points for the week.
Wall Street began the week down due to profit-taking and a lagging high-tech sector.
High-tech shares were on a roller-coaster ride with traders vacillating between pessimism and enthusiasm.
Wednesday saw spectacular trading with the Dow hitting 4,850 thanks to a 50-point boost.
The market gained from a clear drop in bond rates in anticipation of a good production price index for October. That figure, released Thursday, showed prices down 0.1 per cent.
But bonds continued to stay down due to uncertainties over the budget impasse in Washington.
President Bill Clinton said he would veto Republican bills to raise the debt ceiling and allow federal financing. He said the bills contained provisions he could not accept.