Dow Jones in Triple Digit Rally
NEW YORK — Stocks jumped Thursday, with the blue-chip Dow index surging more than 100 points, as investors 
reacted to a jump in Exxon Mobil earnings and easing concerns about the debt problems in Europe.
The Dow Jones industrial average (INDU) gained 113 points, or 1%, about 1 hour into the session. The S&P 500 index (SPX) added 15 points, or 1.2%. The Nasdaq composite (COMP) rose 25 points, or 1%.
Gains were broad based, with 26 of the 30 Dow components advancing. The tech sector got a boost after Hewlett-Packard (HPQ, Fortune 500) said late Wednesday it will buy struggling smartphone maker Palm (PALM) for $1.2 billion, although HP’s stock was down 0.8%.
“The market is enjoying one of the best earnings seasons in recent history,” said Art Hogan, chief market strategist at Jefferies & Co. “It’s more than enough to shift focus from Europe and shed concerns about their debt.”
On Tuesday, rating agency Standard and Poor’s downgraded the sovereign debt ratings of Greece to junk status and lowered Portugal’s investment grade status. But concerns about Greece have abated recently as European officials seem to be nearing agreement on a rescue package for the debt-stricken nation.
On Wednesday, the Dow rose back above 11,000 after the Federal Reserve left interest rates unchanged and said the economy is improving. The central bank’s pledge to keep interest rates low helped investors turn their focus away from the debt issues in Europe.
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