Stocks raced higher yesterday, building on Friday's late rebound, as investors scrambled for shares slammed by weeks of declines and eyed an upbeat forecast from fast-food giant McDonald's.
Technology stocks led the way, and the tech-packed Nasdaq Composite Index jumped 48.55 points, or 3.23 per cent, to 1,553.29. The index racked up its biggest percentage gain since a 4 per cent rise on May 14th. The Dow Jones Industrial Average rose 213.21 points, or 2.25 per cent, to 9,687.42 - also its biggest percentage gain in more than a month - while the broader Standard & Poor's 500 Index rose 28.90 points, or 2.87 per cent, to 1,036.17.
McDonald's, a Dow stock, rose 70 cents to $29.82. The company said it expects quarterly earnings above analysts' forecasts, helped by softness in the dollar against foreign currencies in the countries where it operates. Another bright spot was Qwest Communications International, which jumped after CEO Joseph Nacchio resigned. The stock rose 85 cents, or 20.5 per cent, to $5.
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