NEW YORK -- Investors were back on Wall Street Monday, buying stocks amid hints of some better-than-expected earnings and growing hopes that the presidential election is headed for a resolution.
The buying, which built on strong gains in Friday's abbreviated trading, was especially intense in blue chips. Technology stocks also moved higher, but struggled to keep their gains.
"The combination of a light at end of election tunnel and follow-through from Friday's gains are moving us into a more favorable atmosphere for trading," said Larry Wachtel, a market analyst with Prudential Securities. He noted that much of Monday's buying came from mutual fund managers with plenty of cash and who are looking to get back into the market; he cautioned against reading too much into the advances.
"These flurries have tended to fade as you go through the day. The question is, at the end of the day, are we going to maintain this rally?" he said.
In midday trading on Wall Street, the Dow Jones industrial average was up 119.16 at 10,589.39.
Broader stock indicators also advanced. The Nasdaq composite index rose 30.92 to 2,935.30, after spiking up as much as 94 points.
The Standard & Poor's 500 index was up 15.46 at 1,357.23.
The rallies came a day after Florida officially recognized Texas Gov. George W. Bush as the winner of its key electoral votes.
Blue chips rose on a mix of succession news and signs that key companies will see healthy profits this year.
General Electric was up 50 cents at $49.88.
Investors also were buying on reports that the Christmas season started well for discount retailers. Wal-Mart rose $3.69 to $48.88.
The technology sector moved higher on advances by name-brand companies like Intel.
Advancing issues outnumbered decliners by a 13-to-9 ratio on the New York Stock Exchange. The Russell 2000 index rose 4.16 to 476.03.<
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