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To: 10K a day who wrote (1016)	4/21/2005 5:11:02 PM
From: jlallen	Read Replies (2) \| Respond to of 71588

Stock Market Has Its Best Day of the Year By THE ASSOCIATED PRESS Filed at 4:28 p.m. ET NEW YORK (AP) -- Stocks staged a stunning rebound Thursday as investors snapped up shares on unexpectedly strong earnings from companies including Nokia Corp. and Motorola Inc., and the surprising news that the New York Stock Exchange plans to merge with electronic trader Archipelago Inc. The Dow Jones industrial average soared more than 200 points, its best day in two years. Bargain-minded buyers jumped back into the market a day after concerns about rising inflation eclipsed strong earnings, sending stocks sharply lower. With stocks hardly faltering and money flowing out of bonds, analysts grew more confident about the equity market's prospects following last week's steep slide. ''Obviously the market is oversold when you get multiple days of 100-point sell-offs. I think we're going to have a nice rally here,'' said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds. ''I think the market got flushed out ... everybody was frightened. When everyone starts seeing the glass as half-empty, it's just panic in the streets. But once we get through earnings, I just see nothing but gradual upside for the rest of '05.'' According to preliminary results, the Dow surged 206.24, or 2.06 percent, to 10,218.60, reversing course after a 115-point drop Wednesday, and a 374-point decline last week. It was the Dow's largest one-day gain since April 2, 2003, when the blue chips closed 215.20 points higher. The broader gauges were also higher after steep losses. The Standard & Poor's 500 index gained 22.45, or 1.97 percent, to 1,159.95. The Nasdaq composite index rose 48.65, or 2.54 percent, to 1,962.41, its best day since December. As stocks rose, Treasury prices declined, with the yield on the 10-year note rising to 4.30 percent, up from 4.19 percent late Wednesday. The dollar was mixed against other major currencies; gold was also mixed. Crude oil settled up 17 cents at $54.20 on the New York Mercantile Exchange.