NEW YORK - Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
The Standard the index was arguably bloated by investors' frenzy over high-tech and Internet issues.
"As the market pushes higher and higher and higher, people start to get a little more uneasy about where it's at," Frederick said. While he contends the markets appear reasonable at present, he said prudent investors should remain cautious.
"To me it gets a little more nervous every Friday with the market pushing higher," he said, referring to the overall mood on Wall Street.
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As stocks climbed Friday, bonds fell sharply. The yield on the benchmark 10-year Treasury note rose to 4.95 percent from 4.89 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude rose $1.07 to $65.08 per barrel on the New York Mercantile Exchange.
Wal-Mart Stores Inc. was the biggest gainer among the 30 components of the Dow industrials. The retailer said it will open fewer U.S. superstores next year as it looks to reduce spending and announced plans to repurchase $15 billion in stock. Wal-Mart rose $1.87, or 3.9 percent, to $49.47.
Technology stocks were among the biggest gainers, as was the case Thursday. Fiscal first-quarter profits at Dell Inc. topped Wall Street's estimates late Thursday and the company said it would cut 10 percent of its work force during the next two years in a bid to lower costs. Dell advanced 39 cents to $27.30.
Dow Jones & Co., parent of The Wall Street Journal, jumped $7.89, or 14.8 percent, to $61.20 after the family that has long controlled the publishing company said it would meet with media mogul Rupert Murdoch to discuss his interest in acquiring the company. The Bancrofts had initially rebuffed an offer from Murdoch's News Corp.
News Corp. rose 59 cents, or 2.5 percent, to $24.22.
In other takeover news, CKX Inc., the operator of Elvis Presley's Graceland estate and holder of the rights to TV's "American Idol," agreed to be taken private by its chairman and chief executive. CKX surged $4.02, or 37.8 percent, to $14.65.
Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 2.85 billion shares compared with a heavy 3.27 billion Thursday. Often Fridays in the summer months see lower trading volume.
The Russell 2000 index of smaller companies rose 6.23, or 0.74 percent, to 853.41.
Overseas, the often-volatile benchmark Shanghai Composite Index fell 2.7 percent. Japan's Nikkei stock average rose 0.47 percent. Britain's FTSE 100 rose 0.84 percent, Germany's DAX index rose 1.33 percent, and France's CAC-40 rose 1.05 percent.
The Thurston County
economy also has been strong as it added 300 new jobs and lowered the county's jobless rate to 4.2 percent in April. The state will release jobless figures for May on June 12.