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US stocks advanced, with the Dow climbing more than 1 percent in volatile trading at midday on Monday as phone company Verizon Communications' solid profit helped the blue chips. Market sentiment also got a boost from efforts by the US Federal Reserve to backstop the commercial paper market, which should help loosen up credit.
The Dow Jones industrial average rose 148.15 points, or 1.77 percent, to 8,527.10. The Standard & Poor's 500 Index added 8.58 points, or 0.98 percent, to 885.35. The Nasdaq Composite Index gained 10.76 points, or 0.69 percent, to 1,562.79. Both the Dow and the S&P 500 have not violated their 2008 lows set October 10.
Last week, the Nasdaq briefly fell below its 2008 low, also set October 10, but has since edged back above it. Shares of Verizon Communications jumped 11.2 percent to $27.88 on the New York Stock Exchange and contributed the most to the Dow's advance. Among other leading gainers in the Dow industrials, 3M Co shares climbed 4.9 percent to $62.53, while health-care company Johnson & Johnson added 2 percent to $62.00.
The Fed announced on October 7 a measure to increase the supply of funds for many corporations that rely on selling commercial paper to raise short-term money for their daily operations. But shares of Microsoft fell 2.1 percent to $21.50, making the stock the top drag on Nasdaq after the Wall Street Journal reported that defaults on tech financings - loans that let companies buy computers, software and other products - have spiked this year.
Shares of General Motors slid 4.2 percent to $5.70 on the New York Stock Exchange as investors fretted about the carmaker's outlook after people familiar with the talks said that GM and Chrysler LLC's owners, Cerberus Capital Management, were discussing a merger.
Shares of energy companies dropped on signs that a slowing economy will hurt energy demand. ConocoPhillips shed 0.5 percent to $48.23 as US crude oil futures slipped below $64 a barrel. Trading was volatile on Monday, with the three major indexes moving rapidly between positive and negative territory.
Earlier, US stocks briefly turned higher following a government report that showed a surprising increase in September new home sales. Another positive spur came from comments by European Central Bank President Jean-Claude Trichet that appeared to open the door to another ECB interest-rate cut.

Copyright Reuters, 2008

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