NEW YORK, JUNE 16 -- Stock prices advanced to record levels today, pushing the Dow Jones industrial average and other broad market indexes to record highs.
The Dow, which has advanced nine of the past 10 sessions, climbed 15.81 to 2407.35 today, toppling its previous record of 2405.54 set on April 6.
The New York Stock Exchange composite index rose 0.75 to 171.35, passing its previous record of 170.96, set April 6. Standard & Poor's 500-stock index jumped 0.77 to 303.91, passing its day-old record of 303.14. The price of an average share rose 18 cents.
Advances led declines by 8 to 7.
On the Big Board, about 157.7 million shares changed hands, up slightly from 156.9 million Monday.
Prices ended mixed in active trading of American Stock Exchange issues and ahead in over-the-counter trading.
"The action astounded a lot of traders," said Peter Furniss, a managing director in the listed trading department of Smith Barney, Harris Upham & Co. Furniss said when the market refused to retreat, buyers had to come in from the sidelines.
Stock prices were narrowly lower for most of the morning as proximity to record levels, profit taking in the bond market and a slightly weaker dollar made equity investors cautious. Buying picked up as bonds erased morning losses, and by early afternoon the broad market had followed blue chips into the plus column.
While a steady dollar and firm bond market supported buying, traders said investors' main encouragement came from the stock market's recent steady upward momentum.
On the Big Board, AT&T was the most active NYSE-listed issue, rising 3/4 to 27 1/4.
Southland Corp. followed, jumping 8 7/8 to 64 3/4 amid renewed rumors of a possible takeover of the operator of some 7,670 7-Eleven stores in 37 states and Canada.
General Electric was third, falling 3/4 to 53 7/8.
Manufacturers Hanover rose 1/8 to 45. The bank said it will add $1.7 billion to its reserves for troubled loans and estimated a $1.4 billion loss for its second quarter and a $1.05 billion loss for the year. The action, which followed similar moves by other major money center banks, had been anticipated by investors, and Wall Street responded favorably.
Mellon Bank rose 1 1/2 to 36 5/8. It said late Monday that it would have a second-quarter loss of about $500 million after setting aside a reserve of about $415 million for loan losses.
IBM rose 2 3/8 to 162 after rising 3 Monday. It introduced new software products today.
Among other blue-chips, Eastman Kodak rose 2 1/8 to 87 7/8, American Express jumped 3/8 to 36 1/4, Navistar fell 1/4 to 7 3/4, Philip Morris rose 1/2 to 89 1/2, General Motors backtracked 7/8 to 82 3/4 and Procter & Gamble rose 1 1/8 to 99 3/8.