Wall Street Stocks Soar on Stronger Dollar

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Last updated at: (Beijing Time) Tuesday, July 30, 2002

Wall Street Stocks Soar on Stronger Dollar

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Wall Street stocks soared Monday, with the Dow index netting its third biggest one-day point gain, amid investors' continued bargain-hunting buying supported by a stronger dollar and hopes that the worst days are over.

The Dow Jones industrial average rocketed 447.49 points, or 5.41 percent, to 8,711.88, after rising 78.08 points on Friday.

Broader stock indicators were sharply up. The technology heavy Nasdaq composite index leapt 73.13 points, or 5.79 percent, at 1,335.25. The Standard & Poor's 500 index surged 46.12 points, or 5.41 percent, to 898.96.

The market opened higher and remained in a positive territory as the dollar rose to 119.79 yen late Monday after plunging to 115yen in this month, while the euro fell to 98.09 cents from 1.02 inmid-July, while investors were more optimistic about corporate earnings and less worried about accounting problems.

Among the blue chips, Citigroup climbed 2.57 dollars to 33.31 dollars, J.P. Morgan Chase increased 2.85 dollars to 25.10 dollars,but Qwest Communications was off 1 cent at 1.49 dollars after the company said it will restate its financial reports for 1999 to 2001 due to more than 1 billion dollars of sales improperly recorded.

Chip makers were generally higher after Merrill Lynch issued a positive note on the sector. Applied Materials rose 78 cents to 15.10 dollars, Novellus Systems gained 3.28 dollars to 27.88 dollars,and Intel advanced 1.08 dollars to 18.89 dollars.

Also in the technology sector, Microsoft grew 2.90 dollars to 48.25 dollars, IBM inched up 4.78 dollars to 71.18 dollars, Cisco Systems jumped 1.49 dollars to 13.31 dollars, Oracle added 22 cents to 9.55 dollars, and Dell Computer rose 1.64 dollars to 24.45 dollars.

The NYSE index closed up 23.87 points at 484.71, the American Stock Exchange index jumped 27.61 points to 826.39, and the Russell 2000 index of smaller companies rose 18.55 points to 400.81.

Advancing issues outnumbered decliners by a 9-to-2 margin on the New York Stock Exchange, with 2,702 up, 614 down and 132 unchanged.

NYSE trading volume decreased to 1.78 billion shares from 1.80 billion in the previous session.

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