Stocks closed higher yesterday as a late rally lifted a market that had sputtered for much of the day amid worries about a sinking dollar and rising interest rates. The Dow Jones was up 43.06 and broader stock indicators also ended higher. The Standard and Poor's 500 rose 3.51 to 1,347.66. The Russell 2000 index of smaller companies rose 1.87 to 437.77.
Internet and technology companies were the strongest performers in a relatively quiet, flat market. IBM helped the Dow contain its losses. Yahoo rose after Lehman Brothers raised its rating on the stock to "outperform" from "neutral". And online auctioneer eBay rose after CIBC World Market launched coverage with a "strong buy" recommendation.
But for much of the session, the broader market languished due to the dollar's continuing decline against the Japanese yen. Investors are worried that the Federal Reserve will raise interest rates for a third time this year in its effort to quell inflation.
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