Stocks rose yesterday as the market closed out a winning week, buoyed by sharp interest rate cuts by the world's biggest central banks in a bid to revitalise the global economy.
The Dow Jones Industrial Average rose 27.33 points to end at 9,614.85, posting its highest finish since the September 11th air attacks on the World Trade Centre and Pentagon.
Investors bet on an economic recovery next year after the European Central Bank, the Bank of England and the US Federal Reserve all delivered aggressive half-point cuts in rates this week.
Negative earnings news from household names such as Walt Disney Co. dampened yesterday's rally. Disney said it was suffering from weak advertising and low ratings at its ABC TV network and lower attendance at its theme parks after September 11th.
Nevertheless, Disney reversed an early loss and climbed 11 cents to $18.95.
On the macroeconomic front, a report showing plunging US wholesale prices weighed on stocks as investors began to question whether the drop would soon hurt corporate earnings.
