Wall Street: Monday close

ACCENTUATING the positive sent shares leaping as investors shifted their focus from accounting concerns to hopes for economic recovery.

Positive company comments, broker upgrades and strong data on home sales helped send the Dow Jones Industrial Average, up 233 points on Friday, soaring 177,56 points or 1.78% to 10,145.71. The Nasdaq Index, down 4.5% last week, recovered 45.34 points or 2.63% to 2.63% to 1,769.88.

Upping its profit and sales forecasts boosted shares in General Motors, the world's biggest car maker, $2.37 or 4.5% to $55.48. GM said it was increasing production to meet generally higher demand and stronger than expected business for its models. 'Our revised expectations reflect the increased optimism we have about our near-term performance and the confidence we have about the future,' said John Devine, GM's vice chairman and chief financial officer. Ford, which has been losing market share to GM, tacked on 65 cents or 4.5% to $15.23.

Wireless equipment maker Qualcomm surged $3.21 or 9.8% to $35.91 after it said that the adoption of new technology had led it to reaffirm its sales and profit goals. Sun Microsystems jumped 80 cents or 9.9% to $8.87 on a broker upgrade. Do it yourself chain Lowe's leapt $1.44 or 3.1% to $47.59 as it topped profit forecasts thanks to strong demand. Heavy equipment maker Caterpillar powered ahead $3.38 or 6.4% to $56.06, a six-month high, after a weekend magazine article said that it was well poised to benefit from a rebound in the economy. Eastman Kodak was lifted $1.21 or 4% to $31.57 after it supported Wall Street's expectations.

Conglomerate Tyco International, one of the casualties of Enron-inspired accounting jitters, climbed $2 or 7.3% to $29.50 after it said shareholder lawsuits filed over its 1999 accounting had been dismissed. Shares in broadband telecommunications company Williams Communications plummeted 29 cents or 57% to 22 cents after it said it might have to file for bankruptcy protection. Its shares have fallen from $60 in the past two years.

Techs were stronger, led by Intel, up $1.49 or 5% to $31.02, as analysts said they expected the company to confirm that its business was picking up at a Developers' Forum this week. Microsoft gained $1.09 or 5% to $59.08.

Financial services shares recovered some of the ground lost recently due to their exposure to Enron and Argentina. JP Morgan added 81 cents or 2.9% to $29 and Citigroup rose $1.39 or 3.3% to $43.79.

New economic data helped, with existing home sales leaping 16.2% to annual rate of 6.04 million, a record level and its third gain in four months.