Stocks rocketed higher yesterday with the Dow Jones industrial average rising to an eight-month high and closing above 11,000 for the first time since late last summer, as investors reasoned five interest-rate cuts by the Federal Reserve all but ensure a return of strong corporate-profit growth.

The blue-chip Dow average shot up 343.21 points to 11,216.18, marking its highest close since September 12th, and the first finish above 11,000 since September 14th. It was the Dow's fifth-largest point gain ever.

The Nasdaq Composite Index jumped 80.82 points to 2,166.40. Standard & Poor's 500 Index leaped 35.54 points to 1,284.98, the highest close in four months.

Bullish comments out of BEA Systems Inc., Applied Materials Inc. and Krispy Kreme Doughnuts Inc. helped boost sentiment a day after the Fed slashed rates by 50 basis points.