Stocks rise as investors gobble
up bargains

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By Adam Geller
Associated Press

NEW YORK >> Blue-chip stocks posted strong gains today, reversing the profit taking trend of recent sessions, as investors returned from the Thanksgiving holiday in a buying mood.

The Dow Jones industrial average ended an abbreviated trading session up 125.03 to 9,959.71.

Broader stock indicators also rose. The Standard & Poor's 500 index was up 13.31 to 1,150.34, and the Nasdaq composite index rose 28.15 to 1,903.20.

The NYSE composite index gained 6.26 to 585.82, the American Stock Exchange composite index fell 1.70 to 811.63 and the Russell 2000 index, which tracks smaller company stocks, rose 6.11 to 458.42.

Advancing issues outnumbered decliners by a nearly a 3-to-1 margin on the New York Stock Exchange, with 2,169 up, 743 down and 241 unchanged. Volume came to 410.5 million shares, less than half of Wednesday's pace.

The Treasury's 2-year note fell 5/32 to 99 - 7/32; its yield rose 9 basis points to 3.16 percent.

The 10-year note dropped 9/32 to 99 - 31/32; its yield rose 4 basis points to 5.0 percent.

The 30-year bond fell 10/32 to 99 - 31/32; its yield gained 2 basis points to 5.38 percent.

The rise in stock prices, despite the absence of news, shows that some investors see buying opportunities after market backtracking earlier this week, analysts said.

"Overall, the market is seeing an absence of sellers while some bargain hunters are busy adding to positions," said Alan Ackerman, executive vice president at Fahnestock & Co. in New York.

"A bullish tilt is still in place despite the fact that a U.S. economic recovery still appears ... somewhat clouded."

Today's gains reversed the trend of earlier this week, but are in line with the market's recent surge, which has seen stocks gain about 20 percent from the lows that followed the Sept. 11 terrorist attacks.

Stock markets closed three hours earlier today due to the Thanksgiving holiday weekend.

Gainers included Ericsson, whose chairman said this week he expects less competition in the market for third-generation wireless technology. The company's stock rose 33 cents to $5.55.

Wal-Mart Stores, the nation's largest retailer, rose 68 cents to $55.80 as consumers headed to stores on the day regarded as the official start to the holiday shopping season.

Toys "R" Us shares also rose, up 95 cents to $23.05.

Enron, whose acquisition by Dynegy Inc. is raising numerous questions and whose stocks has been pummeled in recent weeks, fell 30 cents at $4.71.

Overseas, markets were mixed. In Europe, Germany's DAX index rose 0.2 percent, while Britain's FT-SE 100 was off 1 percent, and France's CAC-40 fell 0.6 percent. Japanese markets were closed today for a national holiday.