US stocks rose modestly yesterday, padding Friday's big gains and positioning some measures for a new run toward record levels. The Dow Jones industrial average rose about 31 points to 9,069, about 140 points from the record close of 9,211.84 on May 13th.
The broad market also extended Friday's rally, although the battered technology group fell back into a rut after a two-session rebound.
There were no major economic reports to consider in yesterday's session, which was dominated by news of a $ 34 billion merger between Norwest and Wells Fargo and the government's decision to bring an antitrust complaint against Intel.
American Express led the Dow's advance as the Norwest deal - the latest in a series of financial megamergers that began two months ago with the CiticorpTravelers Group agreement - spurred a new round of speculation about further consolidation.
American Express and J.P. Morgan rose as two of the strongest Dow components after Merck and Sears Roebuck.
According to calculations, the Dow Jones industrial average rose 31.89 to 9,069.60.
