A big rise in foreign markets, together with some enthusiasm for Tuesday's US election results, combined to boost the markets.

Investors believe that the impeachment process against President Bill Clinton has lost momentum and they hope that the new political stability will enable him to focus on US economy and global financial crisis.

Nonetheless, the market had somewhat of a rollercoaster.

The Dow Jones index managed to climb above the 8,800 level for the first time in three months, before computer selling forced it down again.

However, a late rally saved the day, with the Dow closing up 0.9% or 76.99 points at 8,783.

The overall gains were led by technology and financial stocks such as Intel, Micron Technology, J.P. Morgan and American Express.

The rise on Wall Street was the fifth in six days - punctuated by a flat session Tuesday. The Dow had gained 340 points in the prior five sessions, extending the rebound from an early October slide to about 1,200 points, or more than 16%.

The Nasdaq index of technology stocks rose 35 to 1,823 points and the broader Standard and Poor's 500 rose nearly 8 points to 1,118.