Dow Shrugs Off Bad News, Up 170

Wall Street has withstood another stream of bad economic readings, shaking off its disappointment and closing sharply higher after an erratic session.

The major indexes fluctuated throughout the day as investors shuttled between pessimism about a protracted recession and hopes that the nation might start to soon see relief. Analysts largely believe that much of the bad news is already priced into the market. But they also warn that the market could turn lower as November retail sales and employment reports are issued Thursday and Friday.

Wedneday's news included dismal readings on regional economic growth from the Federal Reserve and service-sector activity from the Institute for Supply Management.

The Dow Jones industrial average bolted up 172 points to 8,591. All the major indexes rose more than 2 percent.

Copyright AP - Associated Press
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