Dow Rises 31, Closes Above 3000
Stocks broke out of a narrow trading range today to post their biggest gain in nearly two weeks as buyers flocked to companies reporting strong earnings and other blue-chip issues.</br></br>The Dow Jones industrial average rose 31.08 points, or just over 1 percent, to end at 3016.32. The Dow's biggest rise since a gain of 37.56 points July 18 brought it again above the key 3000 level. The 30-share index reached its highest closing level ever at 3035.33 on June 3.</br></br>In the broader market, gaining stocks outnumbered losing issues by a ration of 2 to 1. New York Stock Exchange volume was an active 169.0 million shares.</br></br>In addition to strength in individual blue chips, rising stock prices in Europe and a solid U.S. bond market helped fuel the advance, market analysts said. Computer-driven buy programs also bolstered the market.</br></br>"You might say the market accepted some of the positives it had been rejecting just a few days ago, namely strengthening overseas markets, the strong dollar and firm bonds," said Robert Stovall, a principal at Stovall/21st Advisers.