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Dow Up 1 Pct
By Megan Davies NEW YORK (Reuters) - U.S. stocks rallied on Wednesday, pushing the blue-chip Dow average up 1 percent after a slide in oil prices eased concerns about a squeeze on corporate profits, while a government report showed brisk economic growth in the fourth quarter. Crude for May delivery (CLK5: Quote , Profile , Research ) fell $1.53 to $52.70 after a government survey showed crude inventories rose sharply last week. High oil prices hurt consumer spending and corporate profits, so a price drop generally helps stocks. The Dow Jones industrial average was up 104.49 points, or 1.04 percent, at 10,510.19. The Standard & Poor's 500 Index was up 11.54 points, or 0.99 percent, at 1,176.90. The Nasdaq Composite Index was up 27 points, or 1.37 percent, at 2,000.88. Stocks rebounded from Tuesday's losses, when the S&P 500 touched an intraday low for 2005, while the Nasdaq closed at a fresh 2005 low. "I think we're seeing a bit of a technical bounce, but I don't feel as though anything fundamentally has changed and concern over interest rates is still dominating the market," said Michael Malone, trading analyst at S.G. Cowen. He added that the fall in oil was helping "sustain this relief rally." A government report on gross domestic product affirmed the U.S. economy grew at a brisk 3.8 percent annual pace in the fourth quarter, though the figure was not as strong as the 4 percent that Wall Street expected. One strategist noted some concern about prices. A price index for the fourth quarter gained at nearly twice the third-quarter rate of increase. Industrial companies, such as heavy equipment maker Caterpillar Inc. (CAT.N: Quote , Profile , Research ) , lent support following sharp declines on Tuesday. Bear Stearns said in a research note that the recent pullback in Caterpillar's stock offered an "excellent buy opportunity." Caterpillar rose 1.6 percent to $91.25. Among tech stocks, Intel (INTC.O: Quote , Profile , Research ) , the world's biggest chipmaker, rose 1 percent to $23.39. Its chief executive said it was enjoying "reasonable growth" this year so far, as demand for its Centrino chips for laptop computers remains strong. Micron Technology Inc. (MU.N: Quote , Profile , Research ) , the world's No. 3 maker of computer memory chips, rose 2.5 percent to $10.37 a day after it reported a profit, reversing a year-earlier loss. The Philadelphia Stock Exchange semiconductor index climbed 2 percent. But
american International Group Inc. (AIG.N: Quote , Profile , Research ) fell 1.4 percent to $57.40. The insurer admitted that its accounting for a deal under investigation by regulators was improper. It also said accounting adjustments might cut shareholder
equity by as much as $1.66 billion from the amount reported on Dec. 31.
Source: reuters.com