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Dow gains 100.5
Associated PressNEW YORK -- Stocks rose sharply for a second consecutive session today as investors bought beaten-down shares of companies that have faltered during the latest debate over interest rates.
The Dow Jones industrial average rose 100.52 to close at 11,041.05, building on its 201-point gain yesterday.
The Standard & Poor's 500 rose 14.82 to 1,409.28, and the Nasdaq composite index rose 111.63, or 2.8 percent, to 4,051.98.
Advancers led decliners by a 5-to-4 margin on the New York Stock Exchange, with 1,682 up, 1,321 down and 501 unchanged. NYSE volume totaled 978.02 million shares vs. 971.85 million yesterday.
The NYSE composite gained 3.11 to end at 624.44; the American Stock Exchange composite index rose 12.83 to 873.08; the Russell 2000 index of smaller companies rose 7.52 to 503.75.
The benchmark 30-year Treasury bond rose 23/32, or $7.19 per $1,000 face value; its yield fell 6 basis points to 6.43 percent, the lowest level since Dec. 30.
As the Federal Reserve met in Washington, many investors remained concerned that an expected rate increase tomorrow at the meeting's conclusion will be the first of several this year, making it difficult for companies to sustain the strong profit growth that has helped the market rebound from crushing losses last week. But after slumping for much of the morning, stocks rose amid a growing sense that despite rising interest rates, which can cut into corporate profits, most U.S. companies will post strong earnings growth throughout the year.