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NEW YORK -- Buyers dominated Wall Street for a third straight day today -- giving major market indexes their longest winning streak of the year -- despite more profit warnings and worries about an announcement from Yahoo!. Dow up 138.38
Associated Press
Blue chips soared while technology stocks recorded more modest gains as Wall Street awaited news from Yahoo's.
The Dow Jones industrial average closed up 138.38 at 10,729.60, a 1.3 percent gain. The Nasdaq composite index rose 19.49 to 2,223.92. The Standard & Poor's 500 index advanced 8.09 to 1,261.89.
All three indexes have moved higher this week, lifted by the first steady buying in weeks. But analysts are split over how long-lived the rally will be. Worries persist about the health of the economy and corporate profits.
Advancers led decliners on the New York Stock Exchange with 1,924 up, 1,163 down and 188 unchanged at the close. Volume was 1.12 billion shares, up from the 1.09 billion yesterday. The NYSE composite index gained 3.53 to 635.71. The American Stock Exchange gained 1.99 to 930.93 and the Russell 2000 index rose 3.71 to 484.84. The Treasury's 10-year note rose 18/32 to 100 26/32; its yield fell 7 basis points to 4.90 percent. The 30-year bond rose 1 3/32 to 101; its yield fell 7 basis point to 5.31 percent.
Bullish comments from influential Goldman Sachs chief investment strategist Abby Joseph Cohen also encouraged investors.
"We believe that attractive equity valuation has been restored and forecast yearend 2000 price levels of 1,650 and 13,000 for the S&P 500 and DJIA," she said in a note to clients.