US stocks up 188 points at closing
While the index is within 24 points of retaking its record close of 1539.18, hit a week ago on Monday, the NYSE advances to 9863.50.business Updated: Jun 14, 2007 10:39 IST
The Dow Jones Industrial Average soared to its biggest gain of the year, with thrust provided by Alcoa and Boeing, while non-member VeriPhone produced its own propulsion and dominated the Big Board.
The Dow Jones Industrial Average rose 187.34 points, or 1.41%, to 13482.35, more than erasing the 129.95 drop it posted the day before, as 29 of 30 members advanced. (Verizon was the exception, dropping 18 cents to 42.90).
Wednesday marked exactly one year since the industrial average put in its last major low, closing at 10,706.14. Over the past year, the Dow has leapt 26% and marked 49 record closes, as all 30 of its members are showing gains.
Its best advancers are McDonald's (MCD), up 63%; and Honeywell International (HON) and Hewlett-Packard (HPQ), both up 53%. The Nasdaq Composite Index advanced 32.54 points, or 1.28%, to 2582.31, snapping a two-day losing streak. The Standard & Poor's 500 gained 22.67 points, or 1.52%, to 1515.67, its second biggest point advance this year.
The index now is within 24 points of retaking its record close of 1539.18, hit a week ago on Monday. The New York Stock Exchange Composite Index advanced 139.01 points, or 1.43%, to 9863.50.
The market had a "trifecta going with stronger than expected retail sales, the Beige Book showing a decent economy with little price pressure, and bond yields creating a perfect storm fo r a rally," said Todd Clark, director of stock trading at Noll enberger Capital Partners.