Dow average surpasses 11,000 for first time since 2001
US stocks rose Monday for the fifth day in a row and the Dow Jones Industrial Average surpassed 11,000 for the first time since June 7, 2001, as oil prices plummeted below 64 dollars.
On company news, GM rose 1.43 dollars to 22.23. dollars. The world's largest carmaker said it is making progress in selling a majority stake in General Motors Acceptance Corp., its profitable lending arm. Shares of GM were raised to "in-line" at Goldman Sachs Group Inc., which cited the stock's 50 percent decline from last year's high.
Tyco International Ltd.'s board meets this week to approve a plan that could break up the company, undoing the 60 dollars billion business built up by former chief executive officer Dennis Kozlowski. The shares rose 99 cents to 30.97 dollars.
JPMorgan Chase added 65 cents to finish at 40.67 dollars after its upgrade to "neutral" by Prudential Equity Group, which issued an improved outlook for investment banking and asset management firms.
The Dow Jones Industrial Average of 30 blue-chip stocks ended the day up 52.59, or 0.48 percent, at 11,011.90, its first finish above 11,000 since June 7, 2001, when it closed at 11,090.74.
Broader stock indicators were also at multiyear highs. The Standard & Poor's 500 index rose 4.70, or 0.37 percent, to 1,290. 15, a four-and-a-half-year high; the Nasdaq composite index added 13.07, or 0.57 percent, to 2,318.69, its best close since Feb. 20, 2001.
Advancing issues topped decliners by about 11 to 5 on the New York Stock Exchange, where volume of 1.67 billion shares lagged the 1.78 billion shares that changed hands on Friday.
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