NEW YORK -- Stocks surged this afternoon as investors' jitters over the Asian economic crisis began to fade.
Dow climbs 84
The Dow Jones industrial average, which shot up more than 100 points in afternoon trading, ended the day with an 84.29-point gain to close at 7,922.59. That helped erase some of last week's 310-point loss spurred by worries over Asia.
Advancers led decliners by a 7-to-6 margin on the New York Stock Exchange, with 1,603 up, 1.382 down and 469 unchanged. NYSE volume was 596.38 million shares vs. 572.52 million yesterday.
Broad-market indexes were mixed, but well above early morning levels. Bargain-hunting of technology stocks helped lift the Nasdaq composite index from a steep drop this morning.
The Standard & Poor's 500-stock list was up 10 at 963.39, and the NYSE composite index was 4.12 higher at 504.12. The Nasdaq composite index was down 0.02 at 1,536.56, and the American Stock Exchange composite index was down 0.63 at 665.27. The Russell 2000 index lost 1.87 points to close at 420.76.
The price of the Treasury's main 30-year bond was off 5/8 point, or 6.25 cents per $1,000 in face value, by late afternoon, while its yield rose to 5.97 percent from a four-
year low of 5.92 percent late Friday. Prices and yields move in opposite directions.
For weeks, uncertainty about the economic climate in Asia has plagued U.S. financial markets. Investors worry that stalled Asian growth may hurt sales and profits of U.S. corporations doing business there.
Stocks, however, opened higher today following a 7.2 percent rise in South Korea's key stock market.