Stocks rebounded Tuesday, with the Dow Jones industrial average climbing back above 10,000 as investors, less anxious about volatile energy prices, focused instead on good corporate news.
Light crude for November delivery surged above the psychologically important $50 mark early in the session, but backed off that record high after Saudi Arabia indicated it would raise its output if necessary.
"All attention is definitely being paid to oil today, and the fact that it's trading off its highs is definitely helping equities," said Brian Williamson, an equity trader at the Boston Company Asset Management. "You can definitely make a correlation today between the bond market selling off . . . and the momentum in U.S. equities."
The Dow Jones industrial average gained 88.86, or 0.9 percent, to 10,077.40. The Standard & Poor's 500-stock index rose 6.54, or 0.6 percent, to 1110.06. The Nasdaq composite index added 9.99, or 0.5 percent, to 1869.87.
AtheroGenics soared 64 percent, or $14.84, to $38 on news that an interim analysis of a treatment to cut arterial plaque might help reverse the progression of heart disease.
Valero Energy gained $2.04, to $79.09, after the oil refinery operator raised its third-quarter earnings forecast.
Lowe's rose 33 cents, to $53.76, after the home-improvement retailer reiterated its earnings projections for the quarter and the year, and issued a bright forecast through 2006 based on an expectation of robust sales growth next year.
Chipmaker Cypress Semiconductor fell 29 cents, to $8.60, after warning that lower-than-expected revenue would lead to a third-quarter loss on weakening demand and sluggish business improvement. Google rose 7.3 percent, or $8.60, to $126.86, after several brokerage firms initiated coverage of the stock with high expectations, including Credit Suisse First Boston and J.P. Morgan.
Starbucks added 20 cents, to $44.58, after saying it would raise the average price of its beverages by 11 cents at its 4,500 stores across North America because of increases in the cost of coffee and sugar.
* The New York Stock Exchange composite index rose 47.02, to 6543.39; the American Stock Exchange index rose 6.88, to 1270.02; and the Russell 2000 index of smaller-company stocks rose 7.30, to 565.66.
* Advancing issues outnumbered declining ones by 9 to 4 on the NYSE, where trading volume rose to 1.39 billion shares, from 1.26 billion on Monday. On the Nasdaq Stock Market, advancers outnumbered decliners by 13 to 8 and volume totaled 1.52 billion, up from 1.3 billion.
* The price of the Treasury's 10-year note fell $1.25 per $1,000 invested, and its yield rose to 4.00 percent, from 3.99 percent on Monday.
* The dollar rose against the Japanese yen and fell against the euro. In late New York trading, a dollar bought 111.36 yen, up from 111.26 late Monday, and a euro bought $1.2326, up from $1.2300.
* Light, sweet crude oil for November delivery settled at $49.90, up 26 cents, on the New York Mercantile Exchange.
* Gold for current delivery rose to $412.50 a troy ounce, from $409.10 on Monday, on the New York Mercantile Exchange's Commodity Exchange.