Dow Climbs 301, Nasdaq Rises 50
Oct. 15, 2002
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NEW YORK (AP) _ Powered by a batch of surprisingly good earnings reports, stocks barreled higher Tuesday and lifted the Dow Jones industrials back above 8,000.
The Dow surged more than 300 points, getting some of that lift from upbeat earnings from three of its components _ Citigroup, General Motors and Johnson & Johnson. And, all of the market's major indexes were heading for a four-session winning streak, a feat last accomplished 10 weeks ago in the period ending Aug. 9.
Analysts said investors were feeling enthusiastic about the earnings reports, having been shaken up in the past few weeks as companies lowered their profit outlooks.
``We are either manically depressed about (stock) prices or irrationally exuberant. That is what we have today, swinging the other way,'' said Arthur Hogan, chief market analyst at Jefferies & Co.
In late morning trading, the Dow was up 301.43, or 3.8 percent, at 8,178.83, building on a three-day gain of 591.13. The Dow last closed above 8,000 on September 18 when it stood at 8,172.45.