Driven by resurgent technology stocks and Wall Street's revitalized bull market, The Washington Post-Bloomberg regional stock index hit its highest point of the year last week.
The Dow Jones industrial average, the Nasdaq composite index and other major market indicators finished the week at record highs, but the regional index was about 2 percentage points shy of the all-time high it reached last summer.
The weakness of the smallest stocks continued to hold down the regional index.
Last week's biggest winners were mostly stocks that have been badly beaten down. Those fallen angels are being discovered by investors searching for bargains.
Axent Technologies Inc., the stock of which was crushed by an unexpected loss in April, gained almost $5 to finish at its highest price since before that low point.
The long-depressed stock of Credit Management Solutions Inc. came back by $1 to finish at its high for the year. The Columbia company makes software systems that automate car-loan processing.
Metrocall Inc., the Alexandria paging company that has lost favor in the era of ubiquitous cellular phones, continued to rebound from the bottom it hit a few weeks ago.
The week's other two big winners, PSINet Inc. of Herndon and American Mobile Satellite Inc. of Reston, both are scheduled to sell big packages of high-risk, high-yield "junk bonds" this week. Shareholders figure that as long as the companies can get plenty of credit, more stock won't have to be issued, which would dilute the value of shares.
PSINet also benefited from winning the right to dispense Internet addresses in competition with Network Solutions Inc. of Herndon, the stock of which was down about 10 percent for the week.
Among the week's most conspicuous losers in the market was T. Rowe Price Inc., the Baltimore mutual funds manager, the stock of which dropped more than $5 a share.
CarMax Group's stock slipped while the shares of its parent company, Circuit City Stores Inc., hit an all-time high of $103 on Tuesday after reporting higher sales in June. Shares in Circuit City have more than doubled since January.