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Bargain-hunters lift stock market
©New York Times
© St. Petersburg Times, NEW YORK -- Stocks rallied Wednesday, as bargain-hunting investors bet that some positive comments from corporations could signal that the economy was finally bottoming out and the worst might be over. The Dow Jones Industrial Average rose 102.76 points, or 1 percent, to close at 10,276.90. The technology-laden Nasdaq Composite Index gained 28.71 points, or 1.6 percent, to 1,860.01. The broader Standard & Poor's 500 index picked up 8.05 points, or 0.70 percent, to 1,165.31. Semiconductor stocks were among the day's standouts, rising sharply after an industry report showing better-than-expected July sales provided a sign that demand for chips may be beginning to recover. The rally also came a day after the Federal Reserve's seventh cut in interest rates this year, leading some analysts to contend that the market activity resembled the trading that occurred the previous two times that the central bank reduced interest rates. In May and June, stocks initially retreated after the Fed's announcements, as they did Tuesday, only to rally on the following day. "Going home last night everybody -- traders, clients -- who I spoke to all expected a bounce-back today," said William Meehan, chief market analyst at Cantor Fitzgerald. "It doesn't take much to move this market." - Information from the Associated Press was used in this report.
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From the Times Business report
From the AP
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