NEW YORK -- Stocks rose today after the Federal Reserve delivered an early Christmas present to Wall Street, leaving interest rates unchanged and suggesting that there may be no need to raise rates immediately. Dow up 56;
Nasdaq gains 127Technology stocks soared sending the Nasdaq composite index to its 56th closing record of 1999.
The Dow Jones industrial average rose 56.27 to close at 11,200.54. The Fed's afternoon decision propelled the Dow out of a modest slump that began yesterday and lasted throughout the morning.
The Standard & Poor's 500 rose 15.34 to a record 1,433.43. The Nasdaq composite index had its best point-gain in history, rising 127.28, or 3.36 percent, to finish at 3,911.15. The index is up more than 78 percent in the year to date.
Advancers edged out decliners on the New York Stock Exchange, with 1,577 up, 1,500 down and 465 unchanged. NYSE volume totaled 964.80 million shares vs. 902.23 million yesterday. The NYSE composite rose 3.45 to 632.89; the American Stock Exchange composite gained 3.49 to 834.64; and the Russell 2000 index rose 8.60 to 475.79.
The 30-year bond fell 1/8 point, or $1.25 per $1,000 face amount; its yield rose 2 basis points to 6.46 percent, the highest level since September 1997. Two-year yields rose 1 basis point to 6.19 percent.
Beyond the interest rate debate, technology stocks once again led the market. Doubleclick, a Web advertising company, rose after announcing it will split its stock 2 for 1. Juno Online Services rose for a second consecutive session after announcing it would launch a free Internet access service.