The Nasdaq Stock Market composite index broke into positive territory for the year today as technology stocks led the whole market higher.
Climbing vigorously for the second day in a row, the Nasdaq composite gained more than 15 points to 2,188.57, which left the index up 13 points for the year. This was the index's first close in positive territory since New Year's Eve and its highest close since June 2001.
The Standard & Poor's 500 stock index advanced six points to 1,235.20. The S&P turned positive last week and now is ahead by 23 points or almost 2 percent.
Still below the break-even line for the year, the Dow Jones industrial average climbed almost 43 points to 10,689.15. The Dow is still down 93 points or a little less than 1 percent for the year.
The market's gains came after a morning sell-off that was triggered by disappointing earnings from General Motors, Intel and Yahoo and by a reminder from Federal Reserve Chairman Alan Greenspan that interest rates are going to keep rising.
Greenspan gave a very upbeat assessment of the economy in his semi-annual report to Congress today -- which Wall Streeters understood means he plans to keep boosting interest rates.
Despite its wildly successful "employee discount" promotion, which produced the best sales gain in more than a decade, GM lost $286 million last quarter. GM's price cuts were so deep that sales revenues actually declined despite a huge increase in the number of cars sold.
Yahoo's profits came in about where analysts expected, but the stock fell sharply as did Intel. Another big loser was Eastman Kodak, which said it plans to cut another 10,000 people in the months ahead.