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US stocks have best day this year; Dow rises 115

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January 14, 2014 04:11 PM EST | AP


NEW YORK (AP) — The stock market had its best day of the year as technology companies surged.

The Dow Jones industrial average rose 115 points, or 0.7 percent, to close at 16,373 Tuesday. It was only the third gain of the year for the Dow.

The Standard & Poor's 500 index rose 19 points, or 1.1 percent, to 1,838. The technology-heavy Nasdaq composite index rose 69 points, or 1.7 percent, to 4,183.

Intel rose 4 percent, the most of the 30 stocks in the Dow, followed by Microsoft with a 2 percent increase.

Time Warner Cable rose 3 percent after the company rejected a takeover bid from Charter Communications, raising hopes that the price would be increased.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.