Renewed enthusiasm for technology issues propelled the stock market higher in New York yesterday, helping investors overlook the latest sign that the economy is growing too fast for the Federal Reserve.
The Dow Jones industrial average rose 165.37 to close at 10,577.86. The Nasdaq composite index gained 96.58 to close at 3,816.82.
Despite the solid rally, both the Dow and the Nasdaq finished the week with losses. The Dow fell 156.05 points during the week while the Nasdaq lost 43.91 points.
The Standard and Poor's 500 rose 23.25 to 1,432.63. Advancing issues outnumbered decliners by a four-to-three margin on the New York Stock Exchange, with 1,675 up, 1,276 down and 475 unchanged.
NYSE volume totalled 796.33 million shares at the close compared to 909.89 million in the previous session.
The Russell 2000 index of smaller companies rose 10.92 to 512.83.
