NEW YORK -- Stocks rose today as technology shares soared despite a dramatic debate on Capitol Hill about whether to impeach President Clinton, and the second day of U.S. bombing of Iraq. Dow gains 27.81
The Dow Jones industrial average rose 27.81 to close at 8,903.63.
Advancers led decliners by 1,608 to 1,460 on the New York Stock Exchange, with 498 unchanged. NYSE volume was 835.74 million shares vs. 737.38 million yesterday. Broader stock indexes were sharply higher as computer-related and Internet stocks soared on reports that online holiday sales were strong.
The Standard & Poor's 500 rose 8.05 to 1,188.03, and the technology-heavy Nasdaq composite index rose 42.26 to a record close of 2,086.14. The NYSE composite index rose 1.92 to 572.07, and the American Stock Exchange composite index gained 0.82 to 651.25. The Russell 2000 index of smaller companies rose 3.64 to 397.42.
"Investors are trying to segregate the economy and earnings from Clinton and Iraq, and when they do that, they find good stock opportunities, particularly in the technology-heavy Nasdaq," said Tom Galvin, chief equity strategist at Donaldson, Lufkin & Jenrette Securities.
Stocks were also boosted by the triple expiration of futures and options contracts, which typically add to volatility, particularly in December and June, traders said.
The price of the Treasury's main 30-year bond was down 1/32 point, or 31 cents per $1,000 in face value, by late afternoon, while its yield rose held steady at 5.01 percent.
Japan's Nikkei index rose 0.98 percent. Germany's DAX index was down 2 percent and Britain's FT-SE 100 was up 1 percent.