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Dow Reaches Record High at 8,490

February 26, 1998

NEW YORK (AP) _ Stocks rose to new highs today, with the Dow Jones industrial average crossing 8,500 for the first time after another halfhearted flurry of profit-taking.

The Dow pulled back slightly before the close, finishing 32 points higher at 8,490 after rising as high as 8,503 during the final hour of trading.

Broader stock measures also posted modest gains to pad Wednesday’s record highs.

The Dow has now rallied about 800 points from January’s low and about 1500 points from the bottom of late October’s financial panic.

Overseas, Tokyo’s Nikkei stock average rose 0.9 percent, Frankfurt’s DAX index rose 1.2 percent and London’s FT-SE 100 rose 0.3 percent.

The Commerce Department reported that orders for durable goods, which suffered a huge setback in December, rebounded 0.7 percent in January, but fell shy of forecasts, prompting concerns that factory activity is slowing even before the full impact of Asia’s slowdown is felt here.

Separately, the Labor Department reported that new claims for unemployment benefits rose a bigger-than-expected 10,000 last week to 320,000.