Interest Rate Hopes Lift Dow Up 24

Wall Street stocks rose today on hopes that the Federal Reserve will continue to lower interest rates and help the flagging U.S. economy.

The Dow Jones average of 30 industrials closed up 24.01 points at 2,643.07. Volume on the New York Stock Exchange was a heavy 223.15 million shares.

Gains outpaced losers by 4 to 1 on the Big Board in a broad-based wave of buying.

Investors are gingerly moving back into the market in the hopes that the economy will rebound later in the year, helped along by an easier Fed credit policy.

Analysts said the market seemed to have aborbed the idea that the war against Iraq will take some time to produce any conclusive results.

At the same time, they said investors remain generally optimistic that U.S.-led forces will prevail.

In the meantime, Wall Streeters welcomed comments by Alan Greenspan, chairman of the Federal Reserve Board, who indicated in congressional testimony both Tuesday and Wednesday that the Fed stands ready to provide further stimulus to the domestic economy.

Interest rates declined in the government bond market today, putting yields on long-term Treasury bonds at about 8.18%.

Gainers among the blue chips included International Business Machines, up 2 1/4 at 121 1/2 an hour before the close; American Express, up 1/2 at 20 1/4; Philip Morris, up 1 1/4 at 54 3/4, and General Electric, up 1 3/8 at 58 5/8.