Positive results fuel rally

INVESTOR euphoria enveloped the marketplace at midday yesterday after positive results from Citigroup, General Motors and Johnson & Johnson fuelled the Dow above 8,000 and the broader market to a fourth straight session advance.

Around 11.50am ET, the Dow Jones industrial average (up 287.42 to 8164.82) surged 3.6% and was on target for its first close above 8,000 since September 18. The Nasdaq composite (up 51.83 to 1272.36) advanced 4.2% and the Standard & Poor’s 500 index (up 31.30 to 872.74) rose 3.6%.

Some market watchers said the rally warrants a “bigger picture” analysis, given the fear factors of a weak economy and a possible war with Iraq still exist.