Dow rallies as tech stocks and financials gain

NEW YORK – The stock market rallied strongly today as gains in technology and financial stocks offset a decline in energy shares.

A day after the Federal Reserve cut interest rates for what could be the final time this cycle, investors got excited about tech earnings, a decline in oil prices and a strengthening of the dollar. Stocks also were helped by data showing that the economy has thus far avoided a catastrophic decline despite its recent weakness.

The Dow Jones industrial average had jumped 169.44 points, or 1.3%, to 12,989.57, by early afternoon. The Standard & Poor’s 500 index hopped above 1,400, rising 19 points, or 1.4%, to 1,404.59.

The tech-laden Nasdaq composite index led the way, advancing 56.32 points, or 2.3%, to 2,469.12.

The market has picked up in the past six weeks as some investors bet that fallen stock prices already reflected ultimate depths. They’re also counting on the Fed’s rate-cutting campaign and the checks being mailed to taxpayers in the government’s economic-stimulus plan to stoke growth.

Bears counter that stocks were due for an extended bounce after their sharp losses early in the year but that buying could peter out as the spring progresses.

Shares of oil giant Exxon Mobil slipped 3.4%. Though its first-quarter earnings leaped 17% higher, they missed analyst estimates, and investors fretted about production levels and profit margins.

The dollar strengthened after the Fed indicated it may pause in its rate-cutting efforts. And oil eased for a third straight day, dipping below $111 a barrel.