Some market analysts say they wonder whether there is enough money in the stock market to sustain a broad-based rally.

"All around we had a strong, broad-based rally."

Yesterday, propelled by record earnings and an all-time stock high from Microsoft, the stock market staged a broad-based rally for much of the session.

The broader market on the other hand did not reflect a broad-based rally.

A report on the nation's manufacturing sector, which recorded growth for the first time in 18 months, sent stocks on a broad-based rally on Friday.

Q. Do you expect a broad-based rally?

In the broad-based rally, 118 issues hit 52-week highs, while only 6 hit lows.

The drug maker slipped 15p to £14.20, making it one of only seven stocks under water as a broad-based rally fuelled the market.

Over all, the S.& P. Composite 1500 index rose 8.6 percent during the last three months, in a broad-based rally.

Wednesday brought some encouragement, with the Dow posting a record gain of 186.84 points in a broad-based rally.