Stock prices swung widely but ended higher yesterday after a Federal Reserve assessment of the economy eased fears about higher interest rates and inflation.
At the close on Wall Street, the Dow Jones industrial average was up 69.30 points - or 0.6 per cent - at 10,955.41.
The Dow changed direction several times during the course of the day, dropping as much as 110 points before regaining ground. Broader stock indicators were also higher after erasing early losses. The Standard and Poor's 500 rose 15.32 to 1,347.32, and the technology-heavy Nasdaq composite index rose 49.21 to 2,534.33.
Advancing issues outnumbered decliners by 1,559 to 1,448 on the New York Stock Exchange, with 555 unchanged. NYSE volume totalled 889.79 million shares as of 4 p.m., versus 925.87 million in the previous session. The NYSE composite index rose 4.44 to 640.54, and the American Stock Exchange composite index fell 0.21 to 785.49.
The Russell 2000 index of smaller companies rose 49.20 to 2,534.32.
Stock investors fretted through most of the session about the general upward trend in interest rates. The yield on the 30-year Treasury bond, while it eased yesterday to just under 5.7 per cent, is up from 5.5 per cent just two weeks ago.
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