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Dow up 112.78
Associated PressNEW YORK -- Blue-chip stocks sprinted higher today in a quiet, shortened session ahead of the Independence Day holiday. A report of moderating economic growth helped inflation-sensitive stocks advance. The Dow Jones industrial average rose 112.78 points, or about 1 percent, to close at 10,560.67. The Standard & Poor's 500 index was up 14.72 at 1,469.32, and the Nasdaq composite index was up 25.82 at 3,991.93.
Trading was light. The stock market closed at 1 p.m. EST, and many Wall Street professionals had taken the day off, opting for a four-day weekend. Volume on the New York Stock Exchange came to 448.81 million shares, well below the average midday tally.
Advancers beat decliners by a 2-to-1 margin on the NYSE, and by a slender margin in Nasdaq trading. There were 1,976 advancers, 796 decliners and 435 unchanges on the NYSE. The NYSE composite index rose 7.26 to 650.19; the American Stock Exchange index rose 7.51 to 943.40; and the Russell 2000 index rose 6.81 to 524.04.
The two-year Treasury note rose point, or $1.25 per $1,000 face amount; its yield fell 8 basis points to 6.28 percent. The 30-year bond climbed 13/32 point as its yield fell 1 basis point to 5.88 percent.
In economic news, the National Association of Purchasing Management reported a slowdown in manufacturing activity growth, raising hopes that six interest-rate increases by the Federal Reserve in the past year are slowing the economy to a more sustainable pace. The purchasing managers' business index for June came in at 51.8, compared with 53.2 in May. Any reading above 50 is considered a sign of economic growth.