Stocks Surge; Nasdaq Rises 4 Percent
Thursday October 11, 1:16 pm Eastern Time
NEW YORK (Reuters) - Technology stocks etched out fresh day highs on Thursday, as a batch of corporate results brightened Wall Street's mood and helped the broad market erase the loss made since the deadly attacks on the United States one month ago.
The technology-laced Nasdaq Composite Index (.IXIC) rose strongly, hoisted by a surge in computer chip and chip-equipment stocks. It gained 67.93 points, or 4.18 percent, to 1,694.19, erasing virtually all of its loss since its close on Sept. 10, the day before the attacks.
The Dow Jones industrial average (.DJI) was up 164.89 points, or 1.78 percent, at 9,405.75 after gaining more than 2 percent earlier in the session. Diversified manufacturer Minnesota Mining & Manufacturing Co. (NYSE:MMM - news) helped out with a gain of $4.58 to $106.42. The Dow is still down more than 2 percent from its pre-attack level.
The broader Standard & Poor's 500 Index (.SPX) rose 15.29 points, or 1.41 percent, to 1,096.28. It surpassed the Sept. 10 close of 1,092.54 shortly after Thursday's open.
``People are finally acknowledging that this year is a total wipeout,'' said Ned Riley, chief investment officer at State Street Global Advisors. ``But I really believe people are starting to become convinced that 2002 is not going to be as dire and as negative as a lot of economists portray.'' |
