Dow Climbs 103.5, Ends Week Up 240; Stock Average Just 178 Off Record High
Stocks shot higher today as a late surge gave the Dow Jones industrial average another triple-digit increase and left the blue-chip index just 178 points off its record high.</br></br>The Dow rose 103.50 to 9159.55, giving it a 239.96-point increase for the week, which was dominated by the Federal Reserve's decision Tuesday to lower interest rates by one-quarter percentage point.</br></br>Just six weeks ago, the market had slid below 7500 as investors worried about the world economy. The Dow is now up about 1,275 points for the year, and within sight of its 9337.97 record high reached July 17.</br></br>Stocks pushed higher in many sectors, from drugs to the Internet to telecommunication services. The technology-laden Nasdaq index and broader stock indicators also rose.</br></br>Banks and financial services stocks were among the front-runners as investors grew more confident that lower interest rates will boost the economy with more borrowing and spending.