Dow Rises 47, Closing Above 7000 Again
NEW YORK, April 30-Stock prices pushed higher today, as investors chose to interpret the report that the nationÛªs economy grew at a super-strong 5.6 percent in the first quarter as good news rather than fearing it would touch off inflation.</br></br>The second day of a powerful two-day rally in stocks lifted the Dow Jones industrial average back above 7000, as it rose 46.96 points to 7008.99.</br></br>The blue-chip average has re-Ûª covered almost entirely from the swoon it suffered from mid-March through mid-April, when it dropped 9.8 percent.</br></br>Broader stock market indexes rose too, as did bond prices, helped along by hopes that a balanced budget deal was within sight. The yield on the 30-year bellwether Treasury bond was nudged down to 6.95 percent from 6.98 per-centTuesday. The long bondÛªs price rose $3.44 per $1,000 in face value.</br></br>ÛÏThereÛªs been a valuation shift," said Timothy Strauss, manager of equity research sales at Jefferies & Co., a brokerage firm. ÛÏPeople had geared up for rates [on gov- eminent bonds] to go the other way and the prevailing thought was this week's numbers would be bad tor inflation. Now theyÛªre rebalancing.Û