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Relief Over Clinton Testimony Pushes Stocks Higher

Thanks, Bill.

U.S. stocks staged an afternoon relief rally after

President Clinton's

videotaped grand jury testimony, which was televised today, offered up no big surprises.

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Unoffically, the

Dow Jones Industrial Average

ended up 37.59, or 0.48%, to 7933.25. The

S&P 500

gained 3.80, or 0.37%, to 1023.89, while the

Nasdaq Composite Index

rose 16.66, or 1%, to 1680.43 and the

Russell 2000

fell 0.61, or 0.17%, to 362.65.

Meanwhile, the 30-year Treasury bond gave up a huge chunk of the flight-to-quality gains it enjoyed earlier in the day, but it was still up solidly late this afternoon. The long bond was recently up 11/32 to 105 22/32, yielding 5.127%.

The Dow had fallen sharply early in the session before bouncing off its lows around midmorning, but it was still mired in negative territory, suffering sizable losses.

U.S. stocks opened down in a continuation of the selloff that began overseas. Concerns over Japan and earnings concerns for U.S. companies also weighed on the market.

Volume was relatively light today in part because of Rosh Hashana, traders said.

On the

New York Stock Exchange

, 1,779 decliners led 1,242 advancers on 611 million shares.

Nasdaq Stock Market

losers beat winners 2,267 to 1,660 on 545 million shares.

On the NYSE, 186 issues hit new 52-week lows while 30 hit new highs. On the Nasdaq, 260 issues were at new lows while new highs totaled 14.

Most active on the Big Board was

Travelers

(TRV) - Get Report

. Shares closed down 9/16 to 39 5/8 on volume of 11.5 million shares.

The volume leader on the Nasdaq was

Dell

(DELL) - Get Report

, which rallied 2 to 59 15/16 on volume of 20.6 million shares.