Content area
Full Text
Dow Continues Winning Streak For 4th Session THE DOW INDUSTRIALS yesterday surged to a fourth consecutive closing high as Wall Street was optimistic that interest rates will keep falling and attract more money to the stock market.
It was the Dow's longest string of new milestones since the seven-session streak from Feb. 5 to 13. Last week's 198-point post-election rally was second only to the 207-point surge in the week of Aug. 2 this year.
In the broader market, advancing issues led declines 1,391 to 996 on moderate volume of 353 million shares on the New York Stock Exchange, where trading was somewhat muted due to the observance of Veterans' Day.
Other market gauges also set new highs. The Standard & Poor's composite index of 500 stocks rose 1.05 points to 731.87, its fifth consecutive record, and the NYSE composite index of all listed common stocks gained 0.51 points to 386.83, a new high. The technology-studded NASDAQ composite index rose 5.16 points to 1,262.67, topping its Oct. 15 record of 1,258.10.
IT'S A DONE DEAL. Cheyenne Software Inc. became a subsidiary of Computer Associates International Inc. in the largest merger of two Long Island companies.
In the $1.2-billion merger announced last month, more than 98 percent of Cheyenne stockholders sold their shares to Islandia-based Computer Associates for $30.50 each. The tender offer closed Friday.
Some Cheyenne sharedholders had sought to halt the deal in a lawsuit demanding more information on why Cheyenne followed one analysis that said the $30.50 bid was acceptable while rejecting another analysis that said it was too low. A Delaware Chancery...