Dow soars more than 200

Analyst says rally may mark beginning of economic recovery

? Showing a determination to buy not seen in months, investors bid stocks sharply higher Monday with a broad advance that propelled the Dow Jones industrials up more than 200 points for a second straight session.

The rally reflected a growing consensus among investors that an economic recovery is beginning. Blue chip and technology stocks soared despite an earnings warning from tech bellwether Oracle.

“Today there’s no denying that the sentiment in the market is that a recovery is at hand, and that investors are willing to put money to work,” said Charles White, portfolio manager at Avatar Associates. “The danger is that … we’re not as strong as people believe.”

The Dow closed up 217.96, or 2.1 percent, at 10,586.82, its best finish since July 19, when the average was 10,610.00. The Dow has advanced 479.93 since Friday, its biggest two-session point gain since December 2000.

Broader stock indicators also advanced. The tech-focused Nasdaq composite index gained 56.58, or 3.1 percent, to 1,859.32, recouping much of its recent losses but still below where it started the year.

The Standard & Poor’s 500 index advanced 22.06, or nearly 2.0 percent, to 1,153.84, barely above its 2002 debut.

Among blue chips, J.P. Morgan rose $2.84 to $32.50. General Motors advanced $3.73 to $58.70.

The tech sector also benefited from Wall Street’s inclination to spend. Cisco Systems rose $1.26 to $16.26, while rival Juniper Networks soared $1.90, or 19.3 percent, to $11.73.

Still, Oracle slid $2.32 to $13.67 after Merrill Lynch reduced its rating on the stock from “buy” to “neutral.” The announcement followed the firm’s report Friday it was reducing estimates for its third-quarter.