Dow surges on optimistic industrial news
NEW YORK — Investors barreled into stocks yesterday after an upbeat report on industrial production raised hopes that the economy is strengthening.
The Dow Jones industrial average rose 108 points to another high for the year as General Electric Co. and International Business Machines Corp. jumped. It was the market's eighth gain in nine days.
Other big gains came from financial stocks, which have been building momentum as they push above certain price levels watched by traders. GE, which has a large financial arm and often trades like a bank stock, jumped for a third day. American Express Co. and JPMorgan Chase & Co. rose more than 3 percent.