Dow Party Postponed Again

The Dow Jones Industrial Average traded above its all-time closing high Thursday before pulling back to close just 4 1/2 points below that level, postponing a much anticipated celebration on Wall Street.

The Dow was trading above its January 14, 2000 close of 11,722.98 late in the day before pulling back to close just below that level. An unexpected revision that lowered second-quarter GDP provided fresh evidence of an economic slowdown.

Personal spending and income, consumer sentiment and Midwest manufacturing reports could help the Dow decide on Friday, as could end-of-the-quarter window dressing from fund managers.

After the close, Research In Motion surged after the company beat estimates and raised guidance. The company also said it expects to restate past results because of a stock option probe. Accenture fell after beating estimates, but the stock had gained 7.6% ahead of the report.

Intel rose 2% during the day on a Citigroup upgrade.

HP shares gained as company executives testified on Capitol Hill about the company’s bungled leak investigation.

Computer Sciences tacked on 2.2% on a big UK contract win.

Infineon fell on a customer bankruptcy.

Tvia and Zhone plunged on warnings.

The Nasdaq rose 6 to 2270, the S&P 500 added 2 to 1339, and the Dow rose 29 to 11,718. Volume declined to 2.24 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Advancers led 17-15 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 51% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 164-30 on the NYSE, and 119-57 on the Nasdaq.

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