At the same time, losing stocks are being unloaded to generate deductions for this year. In contrast to most recent sessions, advancing stocks substantially outnumbered declining ones, cheering analysts who have long worried about poor breadth, with a relative handful of technology issues accounting for the bulk of gains as market gauges surged into uncharted territory. Yesterday's breadth was the best since late October as 1,932 New York Stock Exchange issues rose and 1,155 fell.
Buyers have three business days to pay for stock.
Trading on the New York Stock Exchange moderated to 728.6 million shares from 844.2 million on Wednesday as many traders and investors left work early because of the approach of the Christmas holiday. The markets are closed today. Internet stocks were prominent nonparticipants in the rally. But telecommunications and other high-technology stocks were among the biggest gainers. Another reflection of the broad nature of the advance was a 1.33 percent climb in the Wilshire 5000 index, which covers nearly every American public company.