Economic reports
send stocks higher

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By Amy Baldwin
Associated Press

NEW YORK >> A jump in consumer confidence and an increase in durable goods orders brought buyers back to Wall Street today, sending stocks sharply higher after four straight losing sessions.

Lower stock prices also contributed to the market's upturn, which followed an extended selloff on concerns about the pace of the business turn- around and fears that possible interest rate hikes might further hamper profits.

The Dow Jones industrial average was up 111.27 at 10,392.94 after dropping 146.00 yesterday to give up the remainder of its March advance.

The Nasdaq composite index rose 22.18 to 1,834.67, and the Standard & Poor's 500 index advanced 11.03 to 1,142.90. The Russell 2000 index rose 3.82 to 500.21.

Advancers outnumbered decliners nearly 9 to 5 on the New York Stock Exchange.

Trading volume was 654.57 million shares, above 540.69 million at the same point yesterday.

Treasury bond prices were higher at midday. The 10-year note was up 1 1/32 point, or $3.44 per $1,000 in face value, while its yield fell to 5.36 percent from 5.40 percent yesterday.

The 30-year bonds were up 916 point and yielded 5.76 percent, down from 5.80 percent yesterday. Two-year notes were up 18 point and yielded 3.67 percent, down from 3.74 percent yesterday.

Analysts expect low volume to factor into trading throughout the week as many traders take time off for Passover, which begins tomorrow, and Easter. The market will be closed Friday for Good Friday.

The market's gains today were spread across most business sectors.

Caterpillar rose $1.28 to $57.22, Wal-Mart advanced 96 cents to $62.24 and Intel climbed 87 cents to $30.87.

But some analysts are dubious that the market will resume the rally it enjoyed during the past month.

"The durability of today's rally remains uncertain. ... Concerns still linger over the fact that the Fed may raise interest rates at a time when earnings numbers are not strong enough to carry the economy," said Alan Ackerman, executive vice president at Fahnestock & Co.

Today's losers included WorldCom, down 33 cents at $6.19 after UBS Warburg cut its rating on the telecom stock to "hold" from "buy."