Stocks Set New Records Amid Market Concerns

Stock prices, which had been a major concern in the market, receded as the Dow Jones industrial average set a new record. The Dow Jones industrial average rose by 45.59 points to 9,192.66, surpassing its previous record of 9,184.94 set on April 21. The Nasdaq composite index also rose, with the Dell Computer Corp. leading the charge. Despite these gains, investors expressed concern over the market's lofty stock prices.

Key Takeaways:

• The Dow Jones industrial average rose by 45.59 points to 9,192.66, setting a new record.
• The Nasdaq composite index rose by 5.42 to 1,878.86, with the Dell Computer Corp. leading the charge.
• Arco agreed to purchase Union Texas Petroleum for $3.3 billion in cash, expanding its oil and gas production and reserves.
• Netscape Communications Corp. reached a $70 million agreement with Excite to make Excite the Internet search engine on Netscape's popular home page.
• Dana Corp. acquired Echlin Inc. for $3.6 billion, combining a manufacturer of original equipment for new vehicles with a maker of parts to maintain and fix them.
• Ford Motor Co. dropped its corporate advertising slogan "Quality is job one" after 17 years for a new slogan, "Better ideas. Driven by you."

Statistics:

• Dow Jones industrial average rose by 45.59 points to 9,192.66.
• Nasdaq composite index rose by 5.42 to 1,878.86.
• Dell Computer Corp. rose by 3 3/4 to 88.
• Arco agreed to purchase Union Texas Petroleum for $3.3 billion.
• Netscape Communications Corp. agreed to partner with Excite for $70 million upfront.
• Dana Corp. acquired Echlin Inc. for $3.6 billion.
• Ford Motor Co. spent $85 million on new advertising slogan.

Sources:

• "Dow sets new record, but investors worry about lofty stock prices" - Statesman
• "Netscape, Excite reach deal" - Statesman
• "Arco to purchase Union Texas" - Los Angeles Times
• "Dana Corp. to acquire Echlin" - Hartford Courant
• "Ford adopts new ad slogan" - Automotive News