Dow Hits 3 1/2-Year High on Earnings Hike

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NEW YORK (AP) - The stock market barreled higher Tuesday, sending the Dow Jones industrials to a new 3 1/2 year high as two Wall Street firms reported better-than-expected earnings and a brokerage gave tech bellwether Intel Corp. (INTC) a ratings upgrade.

According to preliminary calculations, the Dow rose 97.83, or 0.92 percent, to 10,759.43. It was the best close for the Dow since June 13, 2001, surpassing the previous 2004 high of 10,737.70 set on Feb. 11.

Stocks have climbed steadily since the presidential elections, with good economic data and positive profit forecasts for 2005 assuring investors of further returns. The markets also benefited from the traditional "Santa Claus" rally, as mutual funds and money managers shuffle their portfolio before year's end.