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NEW YORK -- Wall Street sent stocks solidly higher today as investors decided to take bets on bargain-priced shares instead of punishing companies for lowered earnings. Dow gains 71.57
Associated Press
The Dow Jones industrial average rose 71.57 to close at 10,649.81. A big chunk of the Dow's gain came from its discounted tech stocks. Broader market indicators also advanced. The Nasdaq composite index climbed 82.48, or nearly 3 percent, to 2,840.39 and the Standard & Poor's 500 index was up 17.50 at 1,360.40.
Advancers beat decliners by a 2-to-1 margin on the New York Stock Exchange, with 1,972 up, 881 down and 451 unchanged. NYSE volume was 1.22 billion shares vs. 878 million yesterday. The NYSE composite index gained 7.03 to 655.22; the American Stock Exchange composite rose 13.71 to 908.11; and the Russell 2000 index climbed 11.91 to end at 502.06.
The 10-year Treasury note's price fell 13/32 point, or $4.06 per $1,000 in face value; its yield rose to 5.28 percent from 5.22 percent late yesterday. The 30-year bonds were down 23/32 point and yielded 5.65 percent, up from 5.60 percent yesterday.
Although Wall Street expects earnings to be soft for at least another quarter, investors seem to be growing more confident that profits and the economy will improve, partly because of lower interest rates.
One sign of this change in attitude is that the market seems to again be favoring tech stocks rather than so-called defensive issues that tend to perform better in bearish markets.