NEW YORK -- Stock indexes logged big gains today, as a number of high-profile companies announced stock splits, dividend increases and earnings that met or exceeded analysts' expectations. Dow up 121
The Dow Jones industrial average rose 121.26 points, or 1,32 percent, to close at 9,324.58 after bailing out of a 15-point loss this morning. The Nasdaq composite soared to a record close on continued strength in technology shares.
Decliners were about even with advancers on the New York Stock Exchange, with 1,551 up, 1,433 down and 557 unchanged. NYSE volume totaled 877.1 million shares, vs. 722.7 million yesterday.
The Standard & Poor's 500 rose 18.33 to 1,252.31, and the technology-heavy Nasdaq composite index gained 64.10 to 2,433.41. The NYSE composite index rose 5.39 to 591.45; the American Stock Exchange composite index ended 0.35 higher at 706.36; and the Russell 2000 index of smaller companies rose 3.22 to 425.33.
The price of the Treasury's main 30-year bond was down 1/16 point, or 621/2 cents per $1,000 in face value, around midday, while its yield rose to 5.12 percent from 5.11 percent late yesterday.
The Dow was led higher by IBM after the company confirmed that it would exchange two shares for every one held by investors. IBM was joined by Dow component McDonald's, which also announced a two-for-one split and raised its dividend.
Meanwhile, drug makers and Dow components Merck and Johnson & Johnson posted strong gains after both met analysts' fourth-quarter earnings estimate, and J&J took a smaller-than-expected restructuring charge.