Another report signaling a strong U.S. economy helped push the Dow Jones industrial average up 67 points to 11193.70 Friday while the Nasdaq composite rose 21 points to close another record high of 2,793.06.
The Commerce Department issued a study showing U.S. businesses upped their inventories 0.3 percent in May, while sales by wholesalers hit a record high of $225.5 billion. The Lehman Brothers Same-Store Sales Growth Index showed a 6.8 percent gain, also indicating shoppers continued their spending spree in June.
Again, personal computer stocks led the tech assault.
Apple Computer Inc. (AAPL), still basking in the glow of an upgrade from BancBoston Robertson Stephens, picked up 1 1/8 to a 52-week high of 55 5/8. Gateway Inc. (GTW) moved up 1 9/16 to 67 5/8 while Compaq Computer Corp. (CPQ) and Dell Computer Corp. (DELL) added 1 and 2 7/8 a share, respectively.
Micron Electronics (MUEI) inched up 1/16 to 10 1/8 after announcing it would beoffering users "free" systems when they sign up for a service package from the computer company. International Business Machines Corp. (IBM) closed up 3 3/8 to 137 3/8.
Liquid Audio (LQID) got off to a rousing start in its initial public offering, soaring up 21 9/16 to 36 9/16. Web hosting service Interliant (INIT) gained 1 9/16 to 18 3/8 in its second trading day. PictureTel Corp. (PCTL) lost 5/8 to 6 3/4 after it warned Thursday that second quarter losses will be below expectations. Visio (VSIO) plunged 9 3/8 to 29 9/16 after the company said its third quarter earnings would be lower than expected.
Microsoft Corp. (MSFT) added 11/16 to 93 1/4. Oracle Corp. (ORCL) tacked on 3/8 to 39 5/16 and Sun Microsystems Inc. (SUNW) closed up 1 3/16 to 72 15/16.
Internet stocks were mixed.
Yahoo! Inc. (YHOO) lost 4 7/16 to 160. America Online Inc. (AOL) and Amazon.com Inc. (AMZN) inched up 7.16 and 1/8 a share, respectively. Lycos Inc. (LCOS) closed off 1/4 to 107 3/16 and Excite At Home Corp. (ATHM) fell 1 to 53 13/16.
Wireless phone equipment company Qualcomm Inc. (QCOM) shot up 6 1/2 to 148 3/4 on news that it will be put into the S&P 500 index.
Cabletron Systems Inc. (NYSE: CS) picked up 11/16 to 13 3/4 after Business Week reported that several investment professionals have confirmed it's being eyed as a possible takeover target by a telecom giant. Cisco Systems Inc. (CSCO) rose 5/8 to 67 1/16 and Lucent Technologies Inc. (LU) closed up 5/16 to 71 7/8.