NEW YORK - Stocks closed higher today as a late rally lifted a market that had sputtered for much of the day amid worries about a sinking dollar and rising interest rates.
Dow gains 43Associated Press
The Dow Jones industrial average was up 43.06 at 11,079.40. Broader stock indicators also ended higher.
The Standard & Poor's 500 rose 3.51 to 1,347.66, and the Nasdaq composite index rose 43.29 to 2,852.03.
Advancers were nearly even with decliners on the New York Stock Exchange, with 1,434 up, 1,473 down and 591 unchanged. NYSE volume totaled 720.22 million shares vs. 783.50 million yesterday. The NYSE fell .28 to 621.59; the American Stock Exchange index rose 11.64 to 804.03; and the Russell 2000 index of smaller companies rose 1.87 to 437.77.
The 30-year U.S. Treasury bond fell 11/32, or $3.44 per $1,000 in face value; its yield rose 2 basis points to 6.09 percent. Yields on two-year notes rose 3 points to 5.68 percent.
Internet and technology companies were the strongest performers in a relatively quiet, flat market. IBM helped the Dow.
Yahoo! rose after Lehman Brothers raised its rating on the stock to "outperform" from "neutral." And online auctioneer eBay rose after CIBC World Market launched coverage with a "strong buy" recommendation.
But for much of the session, the broader market languished due to the dollar's continuing decline against the Japanese yen. After the Japanese government released a stronger-than-expected report on the nation's economic growth, the dollar fell to 107.67 yen, down from 110.76 yen yesterday.