Dow notches up third triple-digit gain

Wall Street resumed its upward march today, propelling the Dow Jones industrials to their third triple-digit gain in the past four trading sessions.

The Dow closed up 140.88 at 10,574.29, rebounding almost completely from a 153-point loss the previous session. The average has advanced a total of 468 points since Friday.

The technology-focused Nasdaq composite index rose 24.10 to 1,890.39, overcoming losses from earlier in the session. The Standard & Poor's 500 index advanced 16.63 to 1,162.77.

The blue chip rally started early in the session on a report from the Commerce Department that showed orders to US factories rose by 1.6% in January, lifted by stronger demand for cars, computers and machinery.

The news was the latest indication that the country is emerging from recession. Last week, the market got a handful of similarly upbeat reports.

Investors flocked to financial stocks, sending banker JP Morgan up $1.54 to $34.05, a 4.7% gain. Pharmaceutical and manufacturing stocks also advanced, with Merck rising $1.21 to $62.67 and 3M climbing $1.42 to $121.57. General Motors rose $1.31 to $59.92.

Tech stocks meandered until late in the day, when the Federal Reserve released a survey of nationwide business activity suggesting that signs of a recovery became more widespread in January and early February.

Cisco Systems rose 26 cents to $16.77, while Intel gained 26 cents to $32.96, adding to Tuesday's run-up on speculation the chipmaker's profits would rise in an improving economy.

Telecommunications stocks fared better, helped by Sprint's announcement that its wireless and phone service units would meet their 2002 goals.

Analysts say Wall Street's mood is gradually improving, but, after two losing years on the market, investors are still dubious that a rally can last.