Wall Street continued its upward swing yesterday, with the Dow index gaining more than 100 points for the second straight day. Encouraging quarterly results and US President Bill Clinton's annual State of the Union address helped push the Dow Jones Industrial Average up 100.39 points (1.28 per cent) to 7,915.47.
Volume was 711 million shares, with 1,897 issues higher, 1,026 lower and 501 unchanged.
On the bond market, the average yield on 30-year Treasury bonds was 5.935 per cent from 5.94 per cent on Tuesday.
Stock prices benefited from news of solid results from companies such as UAL and Allied Signal, and investors were reassured by Clinton's speech on Tuesday, after concern about US political instability due to the White House sex scandal, analysts said.
Traders also seemed confident ahead of testimony by US Federal Reserve Chairman Alan Greenspan before the US Congress on Thursday and Friday. Greenspan is set to discuss the US economy and the Asian crisis.
UAL shares gained 1-11/16 at 88-1/4 after reporting earnings per share of 1.74 dollars against analyst forecasts of 1.58 dollars.
Allied Signal rose 2-1/2 to 395/16 after posting an earnings per share of 55 cents, one cent higher than expected.
