WALL Street stocks climbed aggressively yesterday after fresh government data, countering information released last week, suggested inflation is under control.
Stocks benefited more from the positive psychology generated on Monday, when the market recovered from Friday's 171 point drop.
Oil stocks advanced despite a dip in oil prices. Philip Morris fell sharply for the second day in a row after Brooke Group, the parent company of cigarette maker Liggett Group, agreed to settle the Castano class action suit. The settlement could make rival cigarette producers like Philip Morris more vulnerable to legal claims that they manipulate nicotine levels in cigarettes to induce addiction.
Advancing issues led decliners by three to two on the New York Stock Exchange, with 1,452 up, 931 down and 731 unchanged.
The NYSE's composite index rose 1.54 to 343.40. The Standard and Poor's 500 stock index rose 2.30 to 640.85. The Nasdaq composite index rose 3.77 to 1,092.41.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)