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Dow gains 178
Associated PressNEW YORK - Stocks rose broadly today after a report of a slowdown in retail sales calmed investors who have been selling stocks amid fears about rising interest rates. Blue chip shares led the advance.
The Dow Jones industrial average was up 178.19, or 1.7 percent, to close at 10,545.97, and the Nasdaq composite index was up 114.85, or 3.4 percent, 3,499.58. Broader stock indicators were also higher. But volume remained light, leaving market analysts unconvinced of the rally's underlying strength.
"We had a really rough start to the week," said Bob Dickey, managing director of technical analysis at Dain Rauscher Wessels. "So at this point, calling this an oversold bounce is about as bullish as we can get."
The Standard & Poor's 500 rose 24.76, or 1.8 percent, to 1,407.81.
Advancers beat decliners by a 2-to-1 margin on the New York Stock Exchange, with 2,002 up, 930 down and 453 unchanged. NYSE volume totaled 957.09 million shares vs. 977.06 million yesterday. The NYSE composite index gained 8.53 to 926.10; the American Stock Exchange composite index rose 13.40 to 926.10; and the Russell 2000 index gained 15.11 points to end at 489.39.
After being down much of the day, the 30-year Treasury bond's price rose 1/32 point, or 31 cents per $1,000 in face value; its yield fell 1 basis point to 6.15 percent.
The stock market's gains were sparked by good news on the economic front. Stocks rose after the Commerce Department said retail sales fell 0.2 percent. Economists had expected a increase of 0.4 percent.