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Dow rises 63
Associated PressNEW YORK -- Stocks rose today after the government's report of a decline in wholesale prices in April helped quell recent worries about rising interest rates. But investors proved that a single report wasn't enough to eliminate all their fears, and they took profits in late afternoon, leaving market averages only slightly higher.
The Dow Jones industrial average was up 63.40 at 10,609.37. The Nasdaq composite index rose 29.48 to 3,529.06. Earlier in the session, each index was up as much as 120 points. The Standard & Poor's 500 index rose 13.15 to 1,420.96. Advancers outnumbered decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,593 up, 1,315 down and 490 unchanged. NYSE volume totaled 862.08 million shares vs. 947.41 million yesterday. The NYSE composite index gained 5.97 to 642.86, the American Stock Exchange composite index jumped 10.11 to 936.21 and the Russell 2000 index of smaller companies rose 1.55 to 490.94. The Dow ended the week with a gain of 31.51 points, while heavy selling on Monday and Wednesday left the Nasdaq down 287.76 points for the week.
The Treasury's 30-year bond fell 24/32, or $7.50 per $1,000 face amount, to 100 22/32, as it ended its fifth losing week. Its yield rose 7 basis points to 6.21 percent.
Stocks initially shot higher today after the Labor Department's wholesale price report showed a 0.3 percent decline in April that reversed two months of increases. It was the best showing on inflation at the wholesale level since February 1999. The benign reading on inflation came after a series of indicators had showed strength in the economy.