Stocks surged ahead in New York yesterday with the help of a drop in bond market interest rates, a bounce in technology shares and a rise in merger activity.
The Dow Jones industrial average shot up 212.73, or by 2.3 per cent, to close at 9,552.68. It was the Dow's best showing in five weeks and left it within 90 points of its all-time high of 9,643.32.
The 30-year Treasury bond was up 15/32 point, pushing its yield, which moves opposite the price, down to 5.35 per cent from 5.38 late on Friday. Broader stock indicators were higher, with the Nasdaq composite up 58.81 at 2,342.01, and the Standard and Poor's 500 index up 32.92 at 1,272.14.
Volume was moderate, with 720.63 million shares having changed hands on the New York Stock Exchange, and advancing issues had a 9-to5 lead on decliners on the Big Board.
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