Latecomers run to join stock rally

US stocks rose yesterday as latecomers jumped onto the September bandwagon, buying up sectors that have outperformed during the month.

The S&P 500 has risen 9.4 per cent so far in September, historically the worst month for stocks.

The Dow Jones industrial average gained 46.10 points, or 0.43 per cent, to end at 10,858.14. The Standard & Poor’s 500 Index rose 5.54 points, or 0.49 per cent, to 1,147.70. The Nasdaq Composite Index advanced 9.82 points, or 0.41 per cent, to 2,379.59.

With only two days left in September, the Dow is up 8.4 per cent for the month.

Only 7.63bn shares traded on the NYSE, Amex and Nasdaq.

Advancing stocks outnumbered declining ones on the NYSE by a ratio of about seven to three. On the Nasdaq, two stocks rose for every one that fell.