Stocks rose sharply in New York yesterday, boosted by a strong earnings report from Intel and comments from Federal Reserve chairman Alan Greenspan which indicated that interest rates will be rising only slightly.
The Dow Jones rose 140.55, or 1.2 per cent, to a new closing record of 11,722.98. The new high was the third this week and the fourth since the start of the year.
Broader market measures also finished with solid gains. The Nasdaq composite index rose 107.13, or 2.7 per cent, to 4,064.34, and the Standard and Poor's 500 rose 15.48 to 1,465.16. The Russell 2000 index of smaller companies rose 6.37 to 507.56.
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