The Nasdaq composite index soared to a new record in New York today, leading a broad stock market rally that was extended on Federal Reserve chairman Mr Alan Greenspan's suggestion that the Fed's two interest rate rises this year seem to be keeping inflation under control.
At the close of trading on Wall Street, the Dow Jones industrial average was up 109.23, or 1 per cent, at 10,731.76. The technology-laden Nasdaq composite index rose 91.21 to 2,966.43, well above the record close of 2,915.95 reached on October 11th. The Standard and Poor's 500 rose 20.49 to 1,362.93.
Advancing issues outnumbered decliners by an 11-to-5 margin on the New York Stock Exchange, with 2,178 up, 971 down and 408 unchanged.
NYSE volume totalled 1.08 billion shares against 1.12 billion in the previous session.
The Russell 2000 index of smaller companies rose 5.82 to 428.63.
