Wall Street prices zoom

The Dow Jones average had
its best gain since September

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By Eileen Alt Powell
Associated Press

NEW YORK >> Investors coming back from their Fourth of July break sent share prices soaring today on Wall Street, pushing the Dow Jones industrial average to its strongest gain since September.

By the end of a shortened trading day, the Dow had climbed 324.53, or 3.58 percent, to 9,379.50. The last time the Dow had a bigger one-day point gain was Sept. 24, 2001, when it rose 368.05 as it recovered from a precipitous drop after the Sept. 11 terrorist attacks. In terms of points, it was the Dow's 10th best day in history.

For the week, the Dow was up 136.24, or 1.5 percent.

The broader indexes also advanced today, but the gains didn't make up for losses earlier in the week.

The Nasdaq rose 68.19, or 4.94 percent, to 1,448.36, while the S&P 500 advanced 35.04, or 3.67 percent, to 989.03. For the week, the Nasdaq was down 14.85, or 1 percent, while the S&P was just marginally lower than last week's 989.82 close.

Advancing shares led declining shares by more than 15 to 1, with 2,516 up, 572 down and 164 unchanged. Volume in the session that ended at 7 a.m. HST, three hours earlier than normal, was 699.50 million shares.

The Russell 2000 index, which tracks smaller stocks, rose 11.45, or 2.67 percent, to 440.92. It was down 21.73, or 4.7 percent, for the week.

Among other indexes, the New York Stock Exchange index rose 16.25 today to 529.49 while the American Stock Exchange composite index advanced 6.42 to 881.93.

The Treasury's 2-year note fell 2/32 to 100 25/32, with its yield rising 3 basis points to 2.81 percent. The 10-year note lost 3/4 to 100 3/32, with its yield gaining 10 basis points to 4.86 percent. The 30-year bond dropped 1 to 97 30/32, with its yield advancing 7 basis points to 5.52 percent.

Peter Zuger, a portfolio manager at State Street Research & Management in Boston, said that a rally that began on Wednesday in shares of large companies "broadened across the market" today. "We've had one-day rallies, then more selling," he said.

Alan Ackerman, executive vice president of Fahnestock & Co., termed today's performance "a relief rally" and pointed out: "First, there being no terrorist act on the Fourth of July, and there being plenty of traders who are bargain hunting."

The Wall Street Journal said the Justice Department has launched a criminal investigation into Qwest Communications' accounting practices. Qwest already faces scrutiny from the Securities and Exchange Commission into how the company booked revenue in 2000 and 2001.

Much of the market did well. Among financials, Citigroup posted a $2.54 gain to $39.55, while J.P. Morgan Chase was up $1.64 to $32.59. 3M Company rose $3.77 to $129.87. Shares in JDA Software fell $12, or more than 44 percent, to $15.

Before the market opened, the Labor Department reported that the nation's unemployment rate edged up to 5.9 percent in June.

Overseas, Japan's Nikkei stock closed 1.82 percent higher. In Europe, Germany's DAX index was up 5.27 percent, France's CAC-40 rose 4.49 percent, and Britain's FTSE 100 was up 3.23 percent.