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Dow gains 130;
Associated Press
Nasdaq up 182NEW YORK - Stocks rallied today as investors took heart in the latest signs that rising interest rates are successfully keeping inflation at bay. Buyers dipped into the technology sector, snapping up shares of market leaders that have been battered recently.
The Nasdaq composite index rose 181.59, or 5.3 percent, to close at 3,582.50; the Dow Jones industrial average gained 129.87, or 1.2 percent, to close at 10,652.20. The Standard & Poor's 500 rose 28.21, or 2 percent, to 1,448.81. Advancers beat decliners by a 2-to-1 margin on the New York Stock Exchange, with 2,068 up, 901 down and 407 unchanged. NYSE volume totaled 955.84 million shares vs. 955.78 million yesterday.
The NYSE composite index rose 7.86 to 651.46; the American Stock Exchange compositegained 7.48 to 912.45; and the Russell 2000 index rose 16.29 to 492.47.
The 10-year Treasury note gained point, or $5 per $1,000 face amount and its yield dropping 7 basis points to 6.2 percent. The 30-year bond rose 29/32, or $9.06 per $1,000 in face value;its yield fell 6 points to 5.95 percent.
A full slate of benign economic reports provided the spark for today's stock market gains amid hopes that growth will cool to a more sustainable, less inflationary pace. But with the government's jobless report on deck for tomorrow morning, analysts were recommending that investors remain cautious. "It's a little too soon to pop the cork on the champagne bottle," said Gary Campbell, chief investment officer at The Commerce Funds in St. Louis, Mo.