Five days of Dow bring five highs
NEW YORK -- Investors continued to unload technology stocks in favor of blue-chip industrial companies Friday, sending the Dow Jones industrial average up 31.17 to 10,493.89 -- its fifth straight record closing.
Volume was heavy on the Big Board, at just under 1 billion shares are of 4 p.m. and just above 1 billion in Nasdaq trading, setting an all-time high for the week for Nasdaq action.
The Nasdaq composite index, which is heavily weighted in technology issues, fell 37.73 to 2,484.04. The Standard & Poor's 500 fell 3.85 to 1,319.00 Friday.
Advancers had a strong 2-to-1 lead over decliners on the New York Stock Exchange on Friday.Bank reports record earningsRegions Financial Corp. announced record earnings for the first quarter. Net income totaled about $136.5 million, or 61 cents a share.
It was an increase of 17 percent over the first quarter of 1998.
Region's annualized return on equity was 18.13 percent -- the highest level in the Birmingham, Ala.-based bank's history, officials said. Annualized return on assets was also strong at 1.48 percent.
Apple Homes spins off subsidiary
Apple Homes Corp., a manufactured-housing retailer based in Augusta, has completed a spinoff of its subsidiary, Southern States Lenders Inc., company officials announced Friday.
Apple Homes shareholders of record as of March 1 will receive one share of Southern States Lenders for every 10 shares they hold of Apple Homes. The shares will be mailed soon, said Apple Homes President and Chief Executive Officer E. Samuel Evans.