1.   And with so many Dow component stocks trading at high valuations, some strategists are beginning to question whether market valuations are stretched.

2.   A surge in Philip Morris stock failed to spark a broader rally in other component stocks of the Dow Jones industrial average or in the wider market.

3.   Economically sensitive stocks tended to be sold heavily, including three component stocks of the Dow.

4.   Exxon and Chevron were among the leading Dow component stocks.

5.   For example, traders bid up the Dow component stocks of Walt Disney, Coca-Cola, Philip Morris, and IBM, all of which have large foreign operations.

6.   If the performance Wednesday of only three Dow component stocks -- Alcoa, International Paper and Exxon -- were excluded, the Dow would not have budged.

7.   In addition, it did not help that IBM, a Dow component stock, also reported strong earnings Tuesday, but with a note of caution.

8.   Investors may have also cheered a strong earnings report from General Electric, a Dow component stock.

9.   The sum of the prices of stocks in the average was divided by a number reflecting stock splits, gratis issues and changes in component stocks.

10.   The sum of the prices of stocks in the average is divided by a number reflecting stock splits, gratis issues and changes in component stocks.