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Nasdaq sets seventh straight

record high

NEW YORK: Nasdaq stocks scored their seventh straight record high on Friday, capping the secondary market's busiest week in history.

Investors snapped up shares of technology and smaller companies that might provide stronger earnings growth than blue chip stocks.

Meanwhile, the Dow Jones industrial average ended with a gain of only 1.08 points at 5,567.99. For the week, it was up 32.51 points.

The Nasdaq composite index rose 2.72 points to a new high of 1,186.89, beating Thursday's record of 1,184.17. Over the week, the Nasdaq index jumped 48.19 points, or 4.2 percent.

In the broader market, advancing issues led declines 1,353 to 938 on moderate trading of 396 million shares on the New York Stock Exchange.

"Nasdaq is still acting very well, although it looks extended. More and more secondary stocks are attracting buyers," said Harry Laubscher, analyst at Tucker Anthony.

Nasdaq volume topped 642 million shares, the fourth most active in history. Thursday's volume of 723 million was the second busiest while Wednesday's 728 million was the busiest ever, Tuesday's 650 million was the third biggest.

Analysts said the trading pace slowed ahead of the weekend and next week's battery of economic data, including gross domestic product figures, leading indicators and Friday's key April unemployment report.

They said the stock market will likely approach the jobs data defensively, given the selloff on Wall Street after the much stronger-than-expected February and March jobs reports.

"Things have quieted down after an extremely active week. Players and stocks are tired," said Alan Ackerman, a market strategist at Fahnestock & Co.

Meanwhile, investors continued to flock to the shares of small and medium-sized companies and sold shares of multinational corporations whose overseas earnings may be stung by the strong dollar.

"More analysts are talking about the value of stocks of those companies that are not multinationals," Ackerman said. "But the overall market itself is still a good performer, with follow-though to Thursday's strength. The market wants to work higher."

Among individual shares, Phelps Dodge rose 4-1/2 to 77. Business Week magazine reported that the company may be a takeover target for Britain's RTZ. Both companies declined comment.

Estee Lauder rose 4-1/8 to 37-1/2 in anticipation of a strong quarterly earnings report next week, analysts said.

Several initial public offerings drew avid interest. Heartport Inc., a developer of procedures for performing minimally invasive heart surgery, skyrocketed 14 to 35 in its first session.

i2 Technologies, a software maker, jumped 19-3/4 to 39-3/4 in its first trading day.

Shares of Affinity Technology also made a strong Wall Street debut, rising 7-1/2 to 20-1/2. The company is a maker of electronic products aimed at speeding up bank consumer loans and other financial services.

The Standard & Poor's composite index of 500 stocks was up 0.59 to 653.46. The American Stock Exchange index rose 2.11 to 593.57, a new high.

The NYSE Composite index of all listed common stocks rose 0.53 to 350.82. The average share was up 6 cents.

The Wilshire Associates Equity Index - the market value of NYSE, American and Nasdaq issues - was 6,507.730, up 13.068 or 0.20 percent.-Reuter