NEW YORK -- Stocks rose, led by Internet companies such as Netscape Communications Corp. and semiconductor makers such as Intel Corp. on optimism that growing demand for online shopping and personal computers will fuel their profits. Dow up 14.94
"The leadership is clearly the Internet stocks, and they will move higher," said Dan Veru, president of Awad & Associates, which oversees $1 billion. "We are in the honeymoon phase."
The Dow Jones industrial average rose 14.94 to 9,056.05. The average surrendered most of a 46-point gain after the Federal Reserve Bank of Philadelphia reported that business at regional factories contracted in November for a third straight month, a sign that U.S. manufacturers are still suffering the effects of the global economic slowdown.
Advancers led decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,711 up, 1,269 down and 549 unchanged. Nasdaq gainers led by an 8-to-7 ratio. NYSE volume totaled 669.39 million shares, up from 650.41 million yesterday.
The Standard & Poor's 500 rose 8.13 to 1,152.61, and the Nasdaq composite rose 22.22 to 1,919.66. The NYSE composite rose 3.29 to 566.75, and the American Stock Exchange composite index rose 5.37 to 673.22. The Russell 2000 index gained 2.25 to 394.37.
The price of the Treasury's main 30-year bond was up 5/32 point, or by $1.56 per $1,000 in face value, in late-afternoon trading, while its yield fell to 5.25 percent from 5.26 percent late yesterday.
Japan's Nikkei stock average fell 1.7 percent. Germany's DAX index rose 2.1 percent, and Britain's FT-SE 100 rose 2.4 percent.