STRENGTH in high tech, drug and energy stocks helped lift Wall Street higher yesterday. The Dow Jones industrial average rose 78.50 points to close at 7,079.39.

There was little new economic data today, allowing investors to turn their focus - briefly, at least - away from the continual guessing game about the future of US inflation and interest rates.

A key inflation indicator will be released later in the week with a government report on producer prices.

Advances outnumbered declines on the New York Stock Exchange by a margin of nearly 2 to 1. Volume was 458.75 million, down from 505.84 million on Friday.

Also advancing to a record high was the NYSE composite index, which rose 3.87 to 427.70, beating the February 18th record of 427.07.

The Standard and Poor's 500 stock index gained 8.68 to 813.65.

The Nasdaq composite index rose 10.92 to 1,322.72 and the American Stock Exchange Market Value Index rose 1.57 to 603.63.