NEW YORK (CNNfn) - U.S. blue chips rose sharply at mid-morning Thursday, surpassing the 11,000 mark and fueled by a gain of nearly 12 percent in Dow component Hewlett-Packard.
Shortly before 11:00 a.m. ET, The Dow Jones industrial average rallied 119.96 points, or 1.1 percent, to 11,003.05. On the New York Stock Exchange, gainers topped losers 1,360 to 1,207 as trading volume reached 307 million shares.
The Nasdaq composite jumped 40.00 points, or 1.2 percent, to 3,309.39. The index posted record volume of 1.6 billion shares Wednesday. The S&P 500 index climbed 9.23 points to 1,419.94.
The bond market fell, with the benchmark 30-year Treasury bond losing 5/32 of a point in price, raising its yield to 6.14 percent from 6.13 percent late Wednesday.
The dollar rose against both the yen and euro.
Hewlett-Packard Co. posted fiscal fourth-quarter financial results late Wednesday that were slightly higher than analysts' expectations. The company also made a robust forecast for profit growth in fiscal 2000.
Before one-time charges, HP posted net income of $760 million, or 75 cents per share, an increase of 6.5 percent from $710 million, or 68 cents per share, during the year-earlier period.
Hewlett-Packard led the way higher for other technology bellwethers including IBM and Compaq. 
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