NEW YORK -- Stocks rose today as blue chips surged on encouraging economic data. Concerns for a second-half earnings slowdown kept technology stocks from broader gains.
Dow climbs 119
to top 11,000
The Dow Jones industrial average closed up 119.04, or 1 percent, at 11,027.80. It marked the first time since April that the blue chip index has crossed the 11,000 threshold. The Standard & Poor's 500 index gained 11.59 at 1,471.84, and the Nasdaq composite index climbed 29.48 at 3,778.04, having recovered from a loss of 60 points earlier in the session. The Russell 2000 index rose 8.62 at 510.27.
Advancers beat decliners by more than a 2-to-1 margin with 1,998 up, 853 down and 494 unchanged on the New York Stock Exchange, where volume came to 841.39 million shares, down from 941.7 million yesterday. The NYSE composite index gained 5.49 to 664.74 and the American Stock Exchange composite index soared 13.48 to 923.74.
The price of the Treasury's 30-year bond fell 12/32 point, or $3.75 per $1,000 in face value; its yield rose to 5.71 percent from 5.68 percent late yesterday.
Blue chip investors were encouraged today by an inflation report that showed that wholesale prices remained virtually the same in July after a huge jump in June caused by soaring energy costs. The Labor Department said its Producer Price Index, which measures inflation pressures before they reach the consumer, was flat in July, a significant easing of price pressures following a hefty 0.6 percent surge in June.