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RealTime IT News

Dow Makes History

A steep drop in oil prices gave the Dow the boost it needed to set a new all-time high Tuesday.

The Dow cleared both its Jan. 14, 200 close of 11,722 and intraday high of 11,750 before settling at 11,727.34, up 57 points on the day.

The S&P 500 remains more than 12% below its all-time high and the Nasdaq 55% below its record, but traders cheered the Dow mark as another milestone in the market's recovery from the 2000-2002 bear market.

In a symbolic nod to the technology-led downturn of 2000-2002, the Dow record came with little participation from its tech names. HP and IBM were down on the day and Microsoft was essentially unchanged. Intel fared better, but pared its gains toward the close on European antitrust concerns.

Marvell plunged 12% on a warning and plans to restate past results because of option discrepancies.

Broadcom and Dell fell on downgrades from American Technology Research.

Skyworks soared on plans to shed its baseband business.

Witness Systems lost ground on accounting issues and an acquisition.

The Nasdaq rose 6 to 2243, the S&P 500 added 3 to 1334, and the Dow gained 57 to 11,727. Volume rose to 2.6 billion shares on the NYSE, and 2.02 billion on the Nasdaq. Advancers led 17-15 on the NYSE, while decliners led 16-14 on the Nasdaq. Downside volume was 51% on the NYSE, and 46% on the Nasdaq. New highs-new lows were 143-55 on the NYSE, and 67-88 on the Nasdaq.