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Another strong showing
NEW YORK Stocks closed higher today on a further easing of Wall Streets concerns about interest rates. The Dow Jones industrial average finished with a gain of 58 and a-half points at eleven- thousand-209. Advancing issues on the New York Stock Exchange led losers nearly two-to-one on volume of one-point-six (b) billion shares. The Nasdaq composite index was up 16 points at the 23-hundred- 12 level, with one-point-nine (b) billion shares traded. And the S- and-P 500 added five and a-half points, closing at 13-hundred-three.Stocks traded in a narrow range until the Federal Reserve released its Beige Book on economic conditions around the country.Things started to pop after the central bank said it's found little has changed from the "moderate" growth rate in place since the beginning of the year. In addition, inflation pressures were muted during the past six weeks. The report says While businesses report continued cost pressure on inputs, prices at the retail level rose only slightly and there's been no sign of rising labor cost pressures.Investors are taking that to mean the Fed could end its cycle of interest-rate increases sooner rather than later.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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