Blue chips notch new records

NEW YORK (AP) -- Both the Dow and the S&P 500 soared to fresh record highs for the first time since early June.

For the Dow, the gain of more than 283 points takes the index to 13,861.

The S&P rose nearly 29 points to 1,547.

And the Nasdaq Composite jumped nearly 50 points to 2,701.

The new highs for the blue chips beat the old marks set June fourth.

Advancing issues beat decliners by an eight-to-three margin on the New York exchange.

There was volume of more than 3.3 billion shares on the "Big Board." Nasdaq volume topped 2.1 billion.

Analysts credit word of a $38 billion deal in the mining business, suggesting the merger boom is still alive.

Also said to be giving the market a boost, news from Dow component Wal-Mart, reporting better-than-expected June sales.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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