NEW YORK -- Stocks rose, with the Dow Jones industrial average completing its best six weeks since 1982, on expectations that lower interest rates around the world will fuel corporate profits. Merrill Lynch & Co. and other brokerages were the biggest gainers. Dow climbs 103.5
The Dow Jones industrial average gained 103.50 to close at 9,159.55.
"Six weeks ago, no one would have dreamed we would have come back so fast," said Alfred Kugel, senior investment strategist at Chicago-based Stein Roe & Farnham Inc., which manages about $25 billion. He said his portfolio has risen 18 percent since Oct. 8, recovering 80 percent of the losses up to that date. "The real changes are that the authorities in all parts of the world are taking steps to head off the worst fears that people had of a global deflationary recession."
Advancers beat decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,740 up, 1,235 down and 541 unchanged. NYSE volume was 717.75 million shares, vs. 669.43 million yesterday. The Standard & Poor's 500 was up 10.94 to 1,163.55, and the technology-heavy Nasdaq composite index rose 8.53 to 1,928.21. The NYSE composite index was up 5.33 to 572.08 and the American Stock Exchange composite index gained 1.70 to 675.01. But the Russell 2000 index of smaller companies fell 0.08 to 394.29.
The price of the Treasury's main 30-year bond was up 11/32 point, or $3.43 per $1,000 in face value, in late afternoon trading, while its yield fell to 5.21 percent from 5.23 percent late yesterday. Prices and yields move in opposite directions.
Japan's Nikkei stock average rose 3 percent.