The Dow soared 283.86 points to 13861.73 today, its largest single-day rally since 2002 and another record close. Traders ignored ongoing bearish rumors from the subprime sector, focusing on better-than-expected June reports from a host of retailers including Wal-Mart, J.C. Penney and American Express.
Canadian aluminum behemoth Alcan warded off a hostile takeover bid from rival Alcoa by agreeing to a $32 mil buyout offer from Australia's Rio Tinto, further buoying the nervous markets. The Nasdaq added 49.94 to close at 2701.03, a year-long apex, and the S&P 500 climbed 28.94 to 1547.70. (Read more Dow Jones stories.)