NEW YORK, JULY 29 -- The Dow Jones industrial average and other closely watched market indexes soared to record highs today as the stock market rallied in active trading.
The Dow rose 19.77 points to a record 2539.54, toppling a high set Tuesday in a 25.83-point advance.
Analysts said the short-lived and subdued character of a mid-morning round of profit taking encouraged buyers to become more aggressive as the day wore on. That trend was reinforced by a late afternoon firming in the dollar and the bond market.
Accelerated buying nearly doubled the Dow's gain in the last hour of trading and substantially widened the lead of advancing issues over losers. Advances outnumbered losers by 2 to 1.
Broad market indexes joined the blue-chip Dow in record territory. The New York Stock Exchange composite index jumped 1.76 to 177.00, passing its previous record of 176.64, set July 17. Standard & Poor's 500-stock index rose 3.32 to 315.65, toppling its record of 314.59, also set July 17. The price of an average share jumped 42 cents.
The American Stock Exchange index soared 4.67 to a record 355.10, surpassing its old high of 353.45, set July 17.
Big Board volume was about 196,180,000 shares compared with 172,600,000 Tuesday.
Stocks had opened higher but soon turned lower after blue-chip issues, under pressure from profit takers, erased gains and dragged the broad market down. The declines occurred in subdued trading, however, and the market headed higher again when profit taking subsided.
On the trading floor, AT&T was the most active NYSE-listed issue, rising 3/4 to 32 3/8.