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NEW YORK -- Buyers took back control of Wall Street today on a bet that the Federal Reserve will lower interest rates before its March 20 meeting. The advance gained momentum after former Fed governor Wayne Angell, now a Bear Stearns economist, expressed optimisim that such a rate cut would occur. Dow soars 201
Associated Press
The Dow Jones industrial average closed up 200.63 at 10,642.53. The 1.9 percent gain was the blue-chip index's biggest point increase since Jan. 3, when the blue chip index rose 299 points.
The Nasdaq composite index advanced 45.99 to 2,308.50 and the Standard & Poor's 500 index was up 21.79 at 1,267.65. Advancers beat decliners 2 to 1 on the New York Stock Exchange, with 2,196 up, 859 down and 191 unchanged. Volume was 1.12 billion shares vs. 1.23 billion Friday. The NYSE composite index rose 11.49 to 634.49, the American Stock Exchange composite index gained 13.35 to 909.43 and the Russell 2000 index advanced 10.86 to 488.31. The Treasury's 10-year note rose 12/32 to 99 20/32; its yield fell 5 basis points to 5.05 percent. The 30-year bond gained 17/32 to 99 1/32; its yield fell 4 basis points to 5.44 percent.
After the market closed, etoys Inc. said it will file for bankruptcy protection in the next five to 10 days because it has been unable to find a buyer or more financing. The company will run out of cash by March 31 and is firing its remaining employees. It will close its Web site on March 8. EToys said its shares, which fell 3 cents to 9 cents today before trading was halted, have no value and its stock will be delisted from the Nasdaq.