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NEW YORK -- Beaten-down prices and investor optimism for an end to the political maelstrom surrounding the presidential election helped push stock prices higher today Dow gains 70.9;
Nasdaq up149Associated Press
In a shortened holiday session that ended at 1 p.m. (8 a.m. Hawaii time), the Dow Jones industrial average closed up 70.91 at 10,470.23. The Nasdaq composite index rose 149.04, or 5.4 percent, at 2,904.38, and the Standard & Poor's 500 index was up 19.41, or 1.5 percent, at 1,341.77.
Advancers beat decliners by a 9-to-4 ratio on the New York Stock Exchange, with 1,800 up, 791 down and 510 unchanged. NYSE volume came to 405.8 million shares vs. 966.5 million for Wednesday's full-day total. Trading is traditionally slow on the Friday after Thanksgiving. U.S. markets were closed yesterday.
The NYSE composite index gained 5.63 to 632.09; the American Stock Exchange composite index rose 9.30 to 876.85; and the Russell 2000 index rose 13.97, or 3.05 percent, to 471.87.
The 10-year Treasury note fell 2/32 point, or 63 cents per $1,000 face amount; its yield rose 1 basis point to 5.62 percent. The 30-year bond price rose 1/32 as its yield held at 5.67 percent.
Stock traders seemed primed to end a tough week on a high note. The markets have been roiled throughout November amid disappointing earnings reports, political uncertainty related to the presidential race, and renewed fears of rising inflation.
Network equipment maker Juniper Networks rose $12.38 to $132 after a brutal week in which a Morgan Stanley analyst downgraded his rating of the entire sector. Juniper's stock had shed more than 20 percent of its value on the announcement.
Internet stocks were also popular again -- temporarily, at least -- with online auctioneer eBay rising $4.06 to $36.94, and Internet services provider Yahoo! gaining $2.69 to $40.88.