Stocks close higher as worries fade

WALL Street stocks surged as investors' jitters over the Asian economic crisis began to fade. The Dow Jones industrial average rose 84.29 points to close at 7,922.59, which helped erase some of last week's 310-point loss spurred by worries over Asia.

Broad-market indexes were mixed, but well above early levels. Bargain-hunting of technology stocks helped lift the Nasdaq composite index from a steep drop in the morning.

Stocks opened higher following a 7.2 per cent rise in South Korea's stock market. Another boost was provided by hopes that Japan would soon announce a plan to aid its ailing financial system.

But investors' concerns over the outlook in Asia have not disappeared entirely. Stocks in computer companies, which depend greatly on Asian economic growth, were down.

Advancing issues outnumbered decliners by seven-to-six on the New York Stock Exchange, with 1,603 up, 1.382 down and 469 unchanged.