Dow Surges 46.69 To Record High

Stocks soared to record levels on Wednesday, boosted by ongoing strength in technology issues and a rise in bond prices.

The Dow Jones industrial average rose 46.69 points to close at 4,727.29, up 1 percent and crashing through its previous high closing of 4,702.73 reached last Friday.

Advancing issues led decliners by about 9 to 5 on the New York Stock Exchange. Big Board volume was heavy at 413.21 million shares, well ahead of Tuesday’s 376.45 million.

The rally continues to confound market analysts, who have insisted for weeks that stocks were nearing a peak.

“It’s unbelievable,” said Brian Belski, technical analyst at Dain Bosworth Inc. in Minneapolis. “There seems to be no stopping this market.”

Technology issues, especially those of computer-related companies, have been stellar performers since late last year. On Wednesday, they were led higher by Motorola, which late Tuesday announced a 31-percent gain in second-quarter earnings.

The stock market got help from bonds, where the 30-year Treasury bond was up about $5 for each $1,000 invested and yielding 6.54 percent, down from 6.58 percent late Tuesday.

Some of the stocks that moved substantially Wednesday:

NYSE

Motorola rose 5-1/8 to 75-5/8.

The maker of semiconductors and mobile phones reported late Tuesday that its second-quarter profit surged 31 percent to 80 cents per primary share, from 63 cents a year ago. Sales rose to $6.9 billion from $5.4 billion, and were up 22 percent in the semiconductor segment.

Texas Instruments rose 8-7/8 to 153-3/8.

Advanced Micro Devices rose 1-3/8 to 35-3/4.

LSI Logic rose 4 to 48-1/2.

Semiconductor shares rose on Motorola’s strong earnings report, even after Advanced Micro Devices posted second-quarter earnings Monday of 86 cents per share, below expectations of 95 cents. LSI Logic priced 5 million shares late Tuesday at $44.50 each.

First Chicago rose 7/8 to 61-1/2.

NBD rose 1-7/8 to 34-3/4.

The two Midwestern banks merged in a stock deal worth more than $5 billion.

NASDAQ

Compuware fell 7-3/4 to 22-3/4.

The systems-software developer said its earnings in the 1996 fiscal first quarter would be 16 to 22 cents per share, well below analysts’ estimates of 33 cents.

AMEX

Psychemedics Corp. rose 2-9/16 to 6-3/16.

The company unveiled a drug-testing service that can test a home sample of hair for drug use.