Wall Street Stocks Rallying
NEW YORK (AP) _ Stocks were extending a belated `Santa Claus’ rally today, with investors applauding more signs of progress toward easing the Asian fiscal crisis.
At 2 p.m. on Wall Street, the Dow Jones industrial average was up 73.24 at 7,865.65, padding Monday’s 113-point gain and pushing this year’s gain toward 22 percent.
Broad-market indicators were also posting modest gains.
Investor sentiment was bolstered by news that a dozen international financial institutions from the United States, Japan and Europe said they would look for ways to help South Korea through its credit crunch. The New York Times reported that the banks gave South Korea a one-month reprieve on up to $15 billion in troubled loans due by year’s end.
Advancing issues outnumbered decliners by more than a 2-to-1 margin on the New York Stock Exchange, where volume came to 340.66 million shares, up from Monday’s sluggish pace.
The Standard & Poor’s 500 list was up 10.81 at 964.17, and the NYSE composite index was up 5.27 at 506.76.
The Nasdaq composite index was up 18.14 at 1,555.59, and the American Stock Exchange composite index was up 5.87 at 675.16.
The Dow’s strongest components were Disney, up 2 7/16 at 99 7/16, and United Technologies, up 2 at 71 7/16. Among leading Nasdaq technology issues, Microsoft was up 3 3/4 at 130 1/16, and Dell Computer was up 2 7/8 at 85 3/4.
The gains in stocks came despite a rough day in the inflation-sensitive bond market, where long-term interest rates rose back toward 6 percent after a report showing that consumer confidence jumped to a 28-year high in December.
Overseas, Tokyo’s Nikkei stock average rose 3.3 percent, Frankfurt’s DAX index rose 1.2 percent and London’s FT-SE 100 rose 0.4 percent.