NEW YORK, JULY 28 -- The stock market bounded ahead today, casting aside worries about the future and sending the Dow Jones average of 30 industrials to a record high.
The closely watched index closed at 2519.77, up 25.83 points from Monday and well above its previous record of 2510.04, set on July 17.
Some analysts said the move was born out of the market's penchant for doing exactly the opposite of what prevailing wisdom would have it do. They noted that many traders had been mired by pessimism and uncertainly in recent days, pointing out that the advance was led by a host of blue chips, while the broader market had not fared as well.
"This was a skeptic's rally," said Eugene Peroni, of Janney Montgomery Scott Inc. in Philadelphia.
In fact, of all the listed issues on the New York Stock Exchange, gainers only outpaced decliners by a bit more than 4 to 3.
Boeing led the Big Board's most active list at 53 3/4, up 7 1/8. The company announced Monday that T. Boone Pickens Jr.'s Mesa Limited Partnership had sought regulatory approval to buy up to 15 percent of its stock.
Merck, which raised its dividend and announced a $1 billion stock buyback, was up 3 5/8 at 188 1/8.
American Express was up 7/8 point to 36 1/8. The company said Monday it would buy back as much as 9.3 percent of its common stock in the next two to three years.
And General Electric was up 5/8 to 57 3/4.
All four issues are components of the Dow Jone industrial average.
Among electronics, Hewlett-Packard was up 1 1/2 at 61 3/4, while Matsushita was up 4 7/8 at 159 1/2.
IBM was down 7/8 at 161 1/4, while Digital Equipment lost 2 7/8, to 160 5/8.
Chevron was up 1 at 60 3/4; Mobil gained 1 1/2, to 52 5/8, while Texaco lost 1/8, to 46 5/8.
Jim Walter Corp, a takeover target, was up 3 points at 61 1/2, while Anheuser Busch gained 1, to 36 1/4