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Dow gains 80
Associated PressNEW YORK -- Technology stocks led the Nasdaq composite index to a solid, broad advance today as investors sought bargains and rewarded companies with strong prospects for growth.
The Nasdaq composite index rose 98.34, or 2.4 percent, to close at 4,267.56. The Dow Jones industrial average rose 80.35 to 11,114.27. Stocks pared early advances, indicating that Wall Street remains nervous in the wake of volatile selling sprees earlier this week. The Standard & Poor's 500 rose 13.97 to 1,501.34.
Advancers beat decliners by a 8-to-5 margin on the New York Stock Exchange, with 1,860 up, 1,135 down and 455 unchanged. NYSE volume totaled 1.004 billion shares vs. 1.12 billion yesterday.
The NYSE composite index gained 8.26, or 1.3 percent, to 658.79; the American Stock Exchange composite index climbed 23.09, or 2.4 percent, to 979.80; and the Russell 2000 index rose 14.46 points, or 2.8 percent, to 532.50.
The yield on the 30-year Treasury bond rose to 5.79 percent, from 5.78 percent yesterday. Its price fell 5/32, or $1.56 per $1,000 face amount.
Yahoo! Inc. fell $11.56 to $154. After the close of trading yesterday, the company reported earnings of 10 cents per share, excluding a $40.7 million gain from investments and charges relating to acquisitions and income taxes. Analysts surveyed by First Call/Thomson Financial had expected earnings of 9 cents per share. But Yahoo! failed to top the "whisper number" of 11 cents per share. Internet companies are extremely vulnerable to whisper numbers, the unofficial forecasts that circulate among traders.