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Dow off 2.79;
Associated Press
Nasdaq up 178.89NEW YORK - The Nasdaq composite index ended a rocky week with its biggest point gain ever today as investors snapped up stocks with strong prospects for earnings growth. Blue-chip stocks turned lower due to weakness in financial stocks. The Nasdaq rose 178.89 points, or 4.2 percent, to close at 4,446.45. The Dow Jones industrial average slipped 2.79 points to 11,111.48. The Standard & Poor's 500 climbed 15.01, or 1 percent, to 1,516.35.
Advancers beat decliners by a 10-to-9 margin on the New York Stock Exchange, with 1,509 up, 1,394 down and 524 unchanged. NYSE volume was 892.79 million shares vs. 1.004 billion yesterday.
The NYSE composite index gained 0.64 to 659.43; the American Stock Exchange composite index rose 8.89 points to 988.69; and the Russell 2000 index rose 10.49, or nearly 2 percent, to 542.99.
Treasury bonds surged in their fourth straight winning week. The 30-year bond's price rose 1, or $13.75 per $1,000 face amount; its yield dropped 9 basis points to 5.70 percent, the lowest level in 11 months. The two-year yield fell 3 basis points to 6.36 percent.
Today's tech stock rally rounded out a week of volatility. The Nasdaq, which plunged 349 points Monday and as much as 574 points Tuesday before rebounding, ended the week down just 126.58, or 2.8 percent. The Dow rose 189.56 points, or 1.7 percent, for the week. Tech stocks had another strong session today as investors bought shares of companies whose prices were crushed in the steep selloff Monday and Tuesday.