WALL Street stocks advanced yesterday as interest rates eased on new indications of slower economic growth. But trading was again sluggish as investors braced for potential jolts from the week's remaining economic data.

The Dow Jones industrial average gained 46.98 points to close at 5,528.91, above 5,500 for the first time since the market's big sell off two weeks ago amid inflation and business profit worries.

Advances outnumbered declines by nearly a 7 to 4 margin on the New York Stock Exchange, with 1,568 up, 881 down and 712 unchanged.

NYSE volume totalled 402.59 million shares, against 337.31 million in the previous session.

The NYSE's composite index rose 2.34 to 342.70, and the Standard and Poor's 500 stock index rose 4.69 to 639.95.

The Nasdaq composite index rose 8.65 to 1,080.60, and the American Stock Exchange's market value index rose 2.72 to 539.50.