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NEW YORK -- Stocks shot higher today, buoyed by rebounds in technology and blue-chip issues as the market apparently regained its footing amid uncertainty about corporate profits. Dow jumps 195.70;
Nasdaq soars 122Associated Press
The upturn was a dramatic comeback for a market that has taken a beating all week on concerns about third-quarter earnings, higher oil prices and the weak European currency.
The Dow Jones industrial average closed up 195.70 at 10,824.06, its highest close this week. The Dow fell in each of the previous three sessions. The Standard & Poor's 500 index was up 31.72 at 1,458.29 and the Nasdaq composite index rose 122.02 to 3,3778.32.
Advancers outnumbered decliners by a more than 2-to-1 margin on the New York Stock Exchange, with 1,880 up, 956 down and 480 unchanged. Volume was 1.20 billion shares compared with 1.17 billion yesterday. The NYSE composite index rose 11.70 to 667.75, the American Stock Exchange composite index gained 11.37 to 939.80 and the Russell 2000 index was up 15.68 at 523.81. The Treasury's 10-year note rose 2/32 to 99 17/32; its yield fell 1 basis point to 5.81 percent. The most 30-year bond rose 1/4 to 105; its yield fell 2 basis points to 5.88 percent.
The market advanced on a mix of bargain-hunting and end-of-the-quarter trading. Investors appeared unfazed by a Commerce Department report today that showed the economy expanded at an annual rate of 5.6 percent between April and June, a faster rate than the 4.8 percent growth in the first three months of 2000. Investors again focused on corporate earnings. Procter & Gamble jumped $5.13 to $67 after the consumer products maker said it would meet Wall Street expectations for the third quarter after several disappointing quarters.