Retail news delivers
best day in a month

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By Amy Baldwin
Associated Press

NEW YORK >> Wall Street reveled in its best day in a month today with buyers reasserting themselves amid upbeat news about consumer spending. The Dow Jones industrials rose more than 140 points, while the Nasdaq composite index jumped 50.

Investors were heartened by stronger-than-expected October retail sales, and by earnings from Target and other merchants that beat forecasts. Analysts said the market also drew some strength from Iraq's agreement yesterday to a U.N. resolution calling for weapons inspections.

Advancing issues outnumbered decliners 5 to 2 on the New York Stock Exchange. Trading volume was relatively light at 1.49 billion shares, but ahead of yesterday's 1.45 billion.

The Dow closed up 143.64, or 1.7 percent, at 8,542.13, adding to yesterday's 12-point gain. It was the Dow's best one-day advance in nearly a month, or since Oct. 21 when it rose 215.84.

The broader market posted its best gains in a month. The Nasdaq climbed 50.18, or 3.7 percent, to 1,411.52. The Nasdaq enjoyed its best one-day win since Oct. 15 when it rose 61.91. The Standard & Poor's 500 index advanced 21.74, or 2.5 percent, to 904.27. It was also the S&P's best one-day gain since Oct. 15 when it rose 39.83.

The Russell 2000 index rose 10.13, or 2.7 percent, to 386.24.

The price of the Treasury's 10-year note was down 1 11/16 point this afternoon, while its yield rose to 4.04 percent from 3.84 percent yesterday. Two-year Treasury notes were down 8/32 point and yielded 1.86 percent, up from 1.73 percent yesterday.

Investors were buying stocks with a zeal that has been lacking in recent sessions.

"The market has been boosted by the good retail sales numbers and the fact that the imminence of U.S. military action against Iraq has been delayed. Those two events have been a magnet for money," said Alan Ackerman, executive vice president at Fahnstock & Co.

Today's gains followed news that sales at the nation's retailers were flat in October, better than the 0.2 percent decline analysts had expected. It was also an improvement over a 1.3 percent drop in sales for September.

Retailing stocks were strong. Target surged $3.46, or 11.5 percent, to $33.49 on third-quarter earnings that were 2 cents a share higher than anticipated. American Eagle Outfitters, which beat earnings expectations by 3 cents a share, advanced $1 to $18.

While the market's advance was widespread across sectors, analysts were most encouraged by the tech sector's awesome gains. "Technology is fairly valued. And, I think the market is telling you that the economy is starting to shape up. With that in mind, you want to own these stocks," Murphy said.

Overseas, Japan's Nikkei stock average finished down 1.6 percent. In Europe, Britain's FTSE 100 rose 0.6 percent, France's CAC-40 rose 3.8 percent, and Germany's DAX index climbed 4 percent.