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To read our Privacy Policy, go to web agree to the offer details above. 12 issues for $19.95. Privacy Policy Markets & Stocks Stocks rally on optimism Investors encouraged by some positive earnings reports as economy at home takes center stage. April 14, 2003: 1: 38 PM EDT By Meghan Collins and Malin a Posh tova Zang, CNN / Money Staff Writers NEW YORK (CNN / Money) - Stocks rallied into early afternoon trading Monday as investors saw some hope for corporate growth and the economy after a few positive profit reports. Shortly after 1: 30 a.m. ET the Dow Jones industrial average (up 105.32 to 8308.73, Charts), the Nasdaq composite (up 19.98 to 1378.83, Charts) and the S&P 500 index (up 11.60 to 879.90, Charts) all rallied to gains of more than 1 percent.

Only two of the 30 Dow stocks traded lower. 'I think there's a little bit of optimism here today -- you can take one eye off Iraq and start to focus more on the economy and earnings,' said James Park, senior trader at Break Murray & Co. With the war in Iraq de facto over, investors increasingly shifted their focus to matters at home, top of which were the state of the U.S. economy and corporate bottom lines. This week marks the first of the two biggest weeks for posting first-quarter results -- and the first earnings news that came Monday appeared encouraging. Citigroup (C: up $0.58 to $37.93, Research, Estimates), the nation's largest financial conglomerate, reported first-quarter results that were ahead of expectations and also showed improvement from a year earlier.

Its stock gained about 1.5 percent. Fleet Boston (FF: up $0.45 to $25.54, Research, Estimates), the seventh-largest U.S. bank, saw its profit continue to shrink in the first quarter as it struggled to refocus on the consumer part of its business. Still, the results matched expectations and investors appeared to like what they saw, also lifting the stock about 1.7 percent. Rounding out the trio of big financial firms reporting on their bottom lines, Bank of America (BAC: up $0.31 to $71.65, Research, Estimates) said its own consumer business helped first-quarter earnings grow from a year earlier. The stock edged up about 0.5 percent. Financial stocks on average rose more than 1 percent.

For a roundup of the latest earnings news, click here. Meanwhile, Internet companies Amazon (AM ZN: down $0.86 to $24.89, Research, Estimates), Yahoo! (YHOO: down $0.19 to $24.24, Research, Estimates) and e Bay (EBAY: down $0.96 to $87.33, Research, Estimates) led the sector lower and weighed on techs after an article in Barron's addressing the recent run-up in the stocks said the companies' valuations may be too high. Internet stocks as a group slipped about 1 percent. There was little news Monday to give investors a sense of where the economy is headed, except for a report showing stocks of unsold goods piled up at a higher rate than had been expected in February. Market breadth was positive but volume was light, with almost three stocks rising for every one that fell on the New York Stock Exchange, on volume of 628 million shares.

On the Nasdaq, nine stocks advanced for every five that retreated. Some 702 million shares changed hands there. U.S. Treasury bonds softened. The bellwether 10-year note lost 15/32 of a point in price, its yield rising to 4.03 percent. The dollar moved little against major currencies. The price of oil took a hit, with light crude futures for June delivery falling 26 cents to $26.85 a barrel in New York. Gold for June delivery also fell, losing $3.50 an ounce to $325.00.

Overseas, European markets ended mostly higher and Asian stocks finished their trading session mostly lower. Shares of computer maker IBM (IBM: up $1.07 to $79.82, Research, Estimates) trended higher ahead of its quarterly profit report, due after the closing bell. Wall Street forecasts that the company earned 79 cents a share in the first quarter, up from 73 cents last year, according to First Call.