NEW YORK -- Stocks rose today as investors brushed off concerns about rising inflation and turned their focus toward the positive earnings news that is expected next week. Dow up 112.7
The Dow Jones industrial average gained 112.71 to close at 10,649.76. For the week, the blue-
chip index gained more than 376 points, its biggest weekly rise since early July. The Standard & Poor's 500 rose 18.38 to 1,336.02, and the Nasdaq composite index gained 25.87 at 2,886.57.
Decliners narrowly beat advancers on the New York Stock Exchange, with 1,446 up, 1,513 down and 522 unchanged. NYSE volume totaled 896.54 million shares vs. 805.85 million yesterday. The NYSE composite index rose 6.90 to 613.51; the American Stock Exchange composite slipped 2.87 to 781.49; and the Russell 2000 index fell 0.40 at 427.71.
The benchmark 30-year Treasury bond's price fell 3/16 point, or $1.871/2 per $1,000 in face value. Its yield, which moves in the opposite direction, edged up to 6.19 percent from 6.18 percent late yesterday.
Stocks turned higher this afternoon after fluctuating most of the morning as investors tried to determine whether the government's employment report signaled that inflation was accelerating.
Rising oil prices and some bargain hunting helped lift stocks from their earlier slump. In addition, investors were anticipating strong earnings reports when companies begin reporting third-quarter results in earnest next week.
"The Fed may not be finished raising interest rates, but for now, the market isn't focused on that," said Alan Ackerman, senior vice president at Fahnestock & Co.