NEW YORK -- Stocks made strong gains today on the back of higher bond prices, after three separate reports indicated the economy is robust but still not inflationary. Dow gains 68.5
The Dow Jones industrial average closed up 68.51 points at 8,868.32, after erasing a loss of more than 50 points this morning. The Dow is still shy of its March 20 record close of 8,906.43.
Advancers led decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,749 up, 1,267 down and 513 unchanged. NYSE volume was 672.55 million shares, vs. 656.05 million yesterday.
Broad-market indexes also finished higher, with the Russell 2000 index posting a new high.
The Standard & Poor's 500-stock list rose 6.38 to 1,108.13, and the NYSE composite index rose 3.63 to 576.41.
The Nasdaq composite index rose 11.98 to 1,847.66, and the American Stock Exchange composite index rose 2.52 to 744.15. The Russell 200 gained 4.25 to close at 484.93.
The price of the Treasury's main 30-year bond was up 19/32 point, or $5.94 cents per $1,000 in face value, by late afternoon, while its yield fell to 5.89 percent from 5.93 percent late yesterday. Prices and yields move in opposite directions.
Barry Berman, head stock trader at Robert W. Baird & Co. in Milwaukee, said investors are pleased that the Federal did not raise interest rates at its policy meeting yesterday.
But, he said, "The next step is to get through the first quarter (earnings) reporting," Berman said.
Overseas, Tokyo's Nikkei index lost 285.51 points, or 1.73 percent, to close at 16,241.66.