Dow nears 7,000 milestone
Thursday 13 February 1997
Unexpectedly better-than-forecast results from Applied Materials, the maker of semi-conductor equipment, fuelled a surge in some of America's fastest-growing companies.
"People still think this market can deliver on earnings," commented James Margard, chief equity officer at Rainier Investment Management, on the Dow's 103.52-point surge to 6,961.63.
Analysts were wrong-footed by the announcement of first-quarter earnings of 48 cents a share from Applied Materials, comfortably ahead of the most optimistic expectations of 44 cents. Its stock price advanced $7 to slightly more than $52.
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