STOCKS racked up gains for a second consecutive session yesterday as investors rushed back into the market to buy the biggest names in technology before year-end.

The Dow Jones industrial average ended up 38.44 points at 6,346.77, adding to Tuesday's rally of nearly 40 points.

International Business Machines Corp. led the blue chips, surging 6-7/8 to 158-3/4, contributing more than half the Dow index's advance.

The technology-laced Nasdaq Composite index jumped 19.06 points to 1.285.38.

The Standard & Poor's composite index of 500 stocks rose 5.50 points to 731.54. The American Stock Exchange index rose 4.65 to 574.96.

The NYSE Composite index of all listed common stocks rose 2.40 to 385.17. The average share was up 25 cents.