Wall Street spurt ends on an up

WALL Street stocks shot higher near the close as investors' returned to the consumer sectors and out of economically sensitive1 shares.

The Dow Jones average of 30 industrials closed up 32.51 points at 5,492.12, setting its eighth record high in nine sessions.

Stocks dithered for most of the session, trading slightly higher but held back by a softer bond market. Bonds lost ground as the market absorbed new supply. The benchmark 30 year Treasury bond was off just under 3/8 of a point and yielding 6.15 per cent.

But stocks shook off the bond market late in the session, making nearly all of the day's gains in final 45 minutes of trading.

The broad market was mixed. Technology stocks pulled back from gains earlier in the week, The Dow industrials were led higher by Sears, McDonald's and Merck, all of which are considered consumer friendly issues On the down side were AT&T GE and Chevron.