More than half the gain reflected a calendar shift that stretched the quarter an additional week, into May.

The gain reflects an accounting change that better represents benefit expenses.

The gains reflected the robust improvement in steel demand and prices.

Dealers said the gains also reflected demand by those who had sold Treasury issues short.

But they also said the gains reflected a healthy increase in consumer spending.

The gain also reflected the fact that this holiday season was particularly long, with 32 days.

"I conclude that the market's recent gains reflect good demand from a wide variety of domestic and foreign investors."

The gain reflected a change in accounting procedures and successful cost-cutting efforts, the company said.

The gains reflect high oil prices and a strong ruble.

The gains, he added, may reflect several years of work that finally paid off.