weighed on the Nasdaq.
"Altria is single-handedly the reason for the Dow and the S&P to be up today, clearly outperforming the Nasdaq," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.
Altria shares soared to a record high, registering their biggest one-day percentage gain in more than a year and a half -- after the Florida Supreme Court refused to reinstate a $145 billion punitive damages award against major tobacco companies.
The Dow Jones industrial average <.DJI> rose 73.48 points, or 0.66 percent, to finish at 11,225.30. The Standard & Poor's 500 Index <.SPX> gained 3.17 points, or 0.25 percent, to end at 1,274.08. The Nasdaq Composite Index <.IXIC> edged up 1.75 points, or 0.08 percent, to close at 2,155.09.
After the closing bell, shares of Starbucks Corp. dropped 3 percent to $36.75 on the Inet electronic brokerage system from a Nasdaq close at $37.88. The company's June sales growth at coffee shops open at least 13 months came out at the low end of Wall Street's forecasts.
TOBACCO SHARES TAKE OFF
During Thursday's regular session, Altria's shares jumped 6 percent, or $4.43, to end at $77.76 on the New York Stock Exchange. Earlier, the stock hit a record high at $79. Altria was the biggest positive influence on both the Dow and the S&P 500 Index.
Altria's Philip Morris USA unit was among defendants in the Florida tobacco lawsuit, along with the R.J. Reynolds Tobacco Co. and Brown & Williamson, which are units of Reynolds American Inc. , whose stock also hit a lifetime high.
An index of tobacco stocks <.TOB> rose 1.8 percent.
Reynolds American shares rose 4 percent, or $4.59, to close at $118.95 on the NYSE. Earlier, Reynolds American shares hit a record high at $120.50.
Carolina Group , the tracking stock for Loews Corp.'s Lorillard Tobacco Co., also jumped to an all-time high of $55.26, while Loews hit a record high of $37. Carolina Group shares closed at $53.99, up 5.5 percent, or $2.81, while Loews stock ended at $36.01, up 1.4 percent, or 51 cents.
