Dow rebounds with
92.8 gain

Associated Press

NEW YORK - Stocks rebounded today from yesterday's steep selloff as new economic data showing slower-than-expected growth helped calm fears about rising inflation and higher interest rates.

Investors also jumped at the chance to pick up shares at cheaper prices as a result of this week's turbulent slump on Wall Street. The Dow Jones industrial average rose 92.81 points today to close at 10,559.74. The blue-chip index rose as much as 122 points in afternoon trading.

The Standard & Poor's 500 rose 20.43 to 1,301.84, and the technology-heavy Nasdaq composite index rose 51.37, or 2.12 percent, to 2,470.52.

Advancers beat decliners by a nearly 2-to-1 margin on the New York Stock Exchange, with 1,938 up, 980 down and 579 unchanged. NYSE volume totaled 652.52 million shares vs. 813.50 million yesterday.

The NYSE composite index rose 8.24 to 622.26; the American Stock Exchange composite index gained 4.35 to 778.74; and the Russell 2000 index of smaller companies advanced 5.76 to close at 437.83.

The price of the benchmark 30-

year Treasury bond rose 9/32 point, or $2.81 per $1,000 in face value. Its yield, which moves in the opposite direction, fell to 5.82 percent from 5.84 percent late yesterday. Stock and bond trading was light in advance of the three-day Memorial Day holiday. The bond market closed early at 2 p.m. EDT.

Yesterday, the Dow plunged more than 235 points, or by 2.2 percent, in its steepest one-day point drop since Sept. 30, 1998, when the Dow tumbled 237.20.