Stocks Pounding Higher as Last Hour Starts

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Stocks have spurted upward and added to their decent gains at midafternoon ahead of public dissemination of the anxiously anticipated independent counsel

Kenneth Starr's

report

on

President Clinton

and events surrounding his affair with

Monica Lewinsky

. Details of the report are already leaking out.

The Dow Jones Industrial Average

was up 144 to 7759, the

S&P 500

was up 23 to 1003, the

Nasdaq Composite Index

was up 40 to 1625 and the small-cap

Russell 2000

was up 6 to 351.

The 30-year Treasury bond was recently down 18/32 to 103 30/32, yielding 5.24%.

On the

New York Stock Exchange

, 1,798 advancers were leading 1,143 decliners on 619 million shares.

Nasdaq Stock Market

winners were beating losers 2,286 to 1,641 on 528 million shares.

On the NYSE, 342 issues were at new 52-week lows while 15 were at new highs. On the Nasdaq, 272 issues were at new lows while new highs totaled 7.

Stocks have been beefed up in part by optimism on the earnings front, focusing particularly on

Intel's

(INTC) - Get Report

statement that it expects its third-quarter revenue to come in 8% to 10% higher than the second quarter's $5.9 billion. The Dow and the S&P opened lower this morning but reversed course after the president delivered a repentant speech before a group of religious leaders at the

White House

.