At Last, a Rally: Dow Rises 123 Points
Stocks rallied sharply for the first time in nearly two weeks as a government report of slower economic growth raised hopes that the Federal Reserve won't raise interest rates next week after all.</br></br>The Dow Jones industrial average rose 123.47 to close at 10,336.95, the index's second gain in eight sessions. It was also the Dow's biggest point gain since Sept. 3.</br></br>Broader indicators were higher as well. The Standard & Poor's 500- stock index rose 14.34, to 1282.71, and the Nasdaq composite index rose 15.89, to 2746.16.</br></br>Stocks rose after the Commerce Department reported that the U.S. economy, weighed down by record trade deficits, saw its growth slow to an annual rate of 1.6 percent during the second quarter, the lowest rate of expansion in four years.</br></br>The report on the nation's gross domestic product provided some relief for investors who have driven stocks lower over the past week as they pessimistically awaited the Fed's Oct. 5 meeting on interest rates.