Overlooking news that Microsoft ( MSFT) delayed the launch of the Windows Vista operating system, major averages rallied Wednesday as gasoline prices and Treasury yields fell.Stocks seemed to take their cues from the bond market, which downplayed recent fears of inflation and of more rate hikes by the Federal Reserve. The benchmark 10-year Treasury bond rose in price while its yield, which moves inversely, dropped to 4.70%. The Dow Jones Industrial Average rose 81 points, or 0.7%, to 11,317, closing above 11,300 for the first time since May 2001. Blue chips benefited from strength in General Motors ( GM) after Delphi, its main parts supplier, reached a deal with the United Auto Workers union. JP Morgan Chase ( JPM) and Citigroup ( C) also advanced nicely after financial peer Morgan Stanley ( MS) posted strong earnings. The S&P 500 advanced 0.6% to 1305. The Nasdaq Composite, meanwhile, overcame early weakness to bounce solidly higher. After falling to a morning low of 2282, the tech-heavy index finished the session at 2303 points, or 0.4% higher. While Microsoft dropped 2.1%, tech investors moved into the shares of rival Apple ( AAPL), whose line of computers run on an operating system that's separate from Windows. Other PC makers -- which might see a drop in their end-of-year computer sales due to the Vista delay, were mixed. Gateway ( GTW) dropped 3% but IBM ( IBM) and Dell ( DELL) finished higher. "We should have seen a corrective behavior today but we've got a lot of fast money, hedge fund money, that keeps on coming from the sidelines," says Barry Hyman, market strategist at Ehrankrantz King Nussbaum. "When one sector underperforms, it just goes to the next sector." Yet, Hyman doesn't downplay the potential impact of the Vista delay on the market, which is likely to reverberate far beyond Microsoft's bottom line.