Iraq still loading oil!
Stocks Close Higher; Dow Up 27.81
.c The Associated Press
By PATRICIA LAMIELL
NEW YORK (AP) -- Stocks rose today as technology shares soared despite a dramatic debate on Capitol Hill about whether to impeach President Clinton, and the second day of U.S. bombing of Baghdad.
The Dow Jones industrial average closed up 27.81 at 8,903.63.
The Standard & Poor's 500 rose 6.02 to 1,186.00, and the technology-heavy Nasdaq composite index rose 33.74 to 2,077.62.
Advancing issues outnumbered decliners by 1,608 to 1,460 on the New York Stock Exchange, with 498 unchanged.
NYSE volume totaled 835.74 million shares as of 4 p.m., vs. 737.38 million in the previous session.
The NYSE composite index rose 1.92 to 572.07, and the American Stock Exchange composite index rose 0.82 to 651.25.
The Russell 2000 index of smaller companies rose 3.42 to 397.20.
Broader stock indexes were sharply higher as computer-related and Internet stocks soared on reports that online holiday sales were strong.
''Investors are trying to segregate the economy and earnings from Clinton and Iraq, and when they do that, they find good stock opportunities, particularly in the technology-heavy Nasdaq,'' said Tom Galvin, chief equity strategist at Donaldson, Lufkin & Jenrette Securities.
Stocks were also boosted by the triple expiration of futures and options contracts, which typically add to volatility, particularly in December and June, traders said.
Internet stocks soared, with Amazon.com, eBay, Yahoo and America Online posting the biggest gains.
Computer stocks were also broadly higher, with Cisco Systems leading Nasdaq shares higher after Cowen & Co. upgraded the stock. Dell and Intel were up sharply in Nasdaq trading, while Compaq led the NYSE stocks higher.
Oil prices fell, putting to rest the fears that the Iraq bombing would interrupt oil supplies and send oil higher. Oil stocks were mostly lower today, with Texaco down 1 11/16 at 51 7/8.
''The market was shocked to see on TV that they were still loading Iraqi oil onto supertankers in spite of cruise missiles flying around,'' said Alan Skrainka, chief market strategist at Edward Jones in St. Louis. ''That was the big worry about the conflict.''
AP-NY-12-18-98 1635EST
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