Wall Street Stocks End Higher

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Last updated at: (Beijing Time) Thursday, November 07, 2002

Wall Street Stocks End Higher

Wall Street stocks ended higher Wednesday for the fourth straight session, as investors cheered US midterm election results, an aggressive half-point interest rate cut by the Federal Reserve.

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Wall Street stocks ended higher Wednesday for the fourth straight session, as investors cheered US midterm election results, an aggressive half-point interest rate cut by the Federal Reserve.

The Dow Jones industrial average rose 92.74 points, or 1.07 percent, to 8,771.01, after jumping 106.67 points Tuesday.

Broader stock indicators were up. The technology heavy Nasdaq composite index surged 17.82 points, or 1.27 percent, to 1,418.99.The Standard & Poor's 500 index gained 8.37 points, or 0.91 percent, to 923.76.

The market rose into a positive territory after fluctuating in early trading, as investors were encouraged by the report that theFed's Open Market Committee decided to cut the federal funds rate to 1.25 percent from 1.75 percent, the lowest level in 40 years.

Wall Street also saw Tuesday's election results as positive news. It is the first time in 50 years that Republicans take control of the White House, the Senate and the House of Representatives, which could make tax cuts and other pro-business bills easier to enact.

Among the blue chips, Boeing rose 2.06 dollars to 33.58 dollars,Lockheed Martin, the nation's largest defense contractor, grew 1.30 dollars to 54.95 dollars, Northrop Grumman gained 3.92 dollars to 100.40 dollars, Pfizer advanced 1.02 dollars to 33.64 dollars, and Merck climbed 1.80 dollars to 56.00 dollars.

In the technology sector, Microsoft increased 35 cents to 57.03dollars, Cisco Systems added 27 cents to close at 12.96 dollars, Oracle inched up 19 cents to 10.36 dollars, Intel jumped 81 cents to 19.16 dollars, and Applied Materials leapt 1.04 dollars to 16.85 dollars.

The NYSE index closed up 4.31 points at 490.11, the American Stock Exchange index grew 2.32 points to 834.96, and the Russell 2000 index of smaller companies leapt 6.66 points to 392.73.

Advancing issues outnumbered decliners by a 2-to-1 margin on the New York Stock Exchange, with 2,178 up, 1,083 down and 196 unchanged.

NYSE trading volume increased to 1.65 billion shares from 1.33 billion in the previous session.

Source: Xinhua News Agency

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