NEW YORK -- U.S. stocks were mixed yesterday as the Dow Jones industrial average rose to another record, led by such traditional bellwethers of the economy as Aluminum Co. of America, DuPont Co. and Goodyear Tire & Rubber Co.
The big manufacturing companies in the Dow average lagged the market this year. Their gains yesterday came as computer-chip stocks, this year's big gainers, extended a five-week slide.
The Dow industrials rose 18.06, to 5,041.61, their ninth gain in 11 sessions and the index's 61st record this year. About 1,150 shares rose and 1,117 shares fell on the New York Stock Exchange.
The Standard & Poor's 500 index slipped 1.84, to 598.40, after it briefly broke Tuesday's record. Declines in oil, semiconductor and beverage companies countered gains in auto, chemical and paper issues.
Over the past four weeks, the Nasdaq has slipped 1.2 percent, well below its all-time high of 1,067.40 Sept. 13. The Dow industrials gained 5.6 percent in that period.
The Russell 2000 index managed a 0.12 increase to 301.24, and the Wilshire 5000 fell for the second day, losing 12.82 to 5,874.36. The American Stock Exchange market value index fell 0.22 to 528.33.
About 405 million shares changed hands yesterday, in line with Tuesday's 406 million traded and above 348 million daily average volume over the past six months.
Stocks in cyclical companies -- those that benefit and lose the most from swings in the economy -- gained as optimism spread that the U.S. government will trim debt, possibly allowing the Federal Reserve's policy committee to cut interest rates again this year. Lower rates make it cheaper for consumers and companies to borrow.
That could help extend Dow industrials' rally into 1996. The 30-stock average is up 31 percent so far this year, its best since 1975.
The Morgan Stanley index of 30 cyclical stocks surged 6.24, or 1.8 percent, to reach 342.97, after jumping about the same percentage amount yesterday. Alcoa shares jumped $2.625, to $57.75, and United Technologies surged $1.25, to $92.
Consumer products companies, which had gained in recent weeks amid expectations the economy was slowing, lost ground. The firm's index of consumer product companies slumped 1.67, or 0.6 percent, to 278.15.
The index, which includes Procter & Gamble Co., McDonald's Corp. and Gillette Co., rose 13 percent since Sept. 1 on expectations that a slowing economy would make consumer companies' profit growth the most dependable. The cyclical index dropped 3 percent in that period.
Software, computer and semiconductor shares lagged the rally for a second day. Concern spread that the companies won't be able to increase earnings enough to meet Wall Street estimates.
Intel shares fell $1.125, to $61.875, and Microsoft's stock dropped 62.5 cents, to $87.375. Cisco Systems Inc. reversed early gains to drop $3.125, to $75.75.