NEW YORK - Prices rose smartly on Wall Street today as traders were pleasantly surprised by the government's report that inflation and the economy weren't running rampant after all. Dow up 136
Stocks rose after the government's employment report helped temper investors' concerns that the Federal Reserve might soon raise interest rates to slow the economy.
Bargain-hunting that followed the recent sell-off on Wall Street also contributed to today's gains.
At the close of trading, the Dow Jones industrial average was up 136.15 at 10,799.84, adding to an 85-point gain yesterday. For the week, the Dow was up 240.10.
Broader stock indicators were also higher, including the Nasdaq composite index, which has been battered in recent weeks amid a sharp decline in technology stocks.
The Standard & Poor's 500 rose 28.21 to 1,327.75, and the Nasdaq composite index rose 75.02 to 2,478.34.
Advancers outnumbered decliners by an 8-to-5 margin on the New York Stock Exchange, with 1,821 up, 1,098 down and 609 unchanged. NYSE volume totaled 694.30 million shares vs. 720.29 million yesterday.
The NYSE composite index rose 10.32 to 634.52, and the American Stock Exchange composite index rose 5.04 to 780.98
The Russell 2000 index of smaller companies rose 6.35 to 442.33.
The 30-year bond fell 10/32, or $3.13 per $1,000 security, to 90 1/8. Its yield rose to 5.96 percent.
"Investors may feel like the worst news on (the rate-hike) front has already occurred," said Bob Dickey, managing director of technical analysis at Dain Rauscher Wessels in Minneapolis.