Blue chips surge,
techs slide

NEW YORK -- Blue-chip stocks barreled back toward record levels today, but the broad market remained mired in an uncertain outlook for interest rates and company profits.

The Dow Jones industrial average rose 116.83 points to close at 9,1761.48, nearing last Wednesday's record of 9,211.84, despite a brief dip into negative territory during the afternoon.

Broad-market indicators were mixed. The technology-heavy Nasdaq composite index suffered the heaviest damage, closing down 14.11 at 1,831.76 after Dell Computer reported a healthy quarterly profit that failed to meet Wall Street's more enthusiastic forecasts.

The Standard & Poor's 500-stock index rose 9.54 to 1,119.06, and the NYSE's composite index gained 4.71 to 578.63. The American Stock Exchange index fell 0.47 to 732.22.

NYSE volume totaled 586.33 million shares, vs. 565.39 million yesterday.

The price of the Treasury's main 30-year bond was up 15/32 from late yesterday at 103-4/32, while its yield fell to 5.90 percent from 5.93 percent yesterday.

Overall, trading continued at the lethargic pace that took hold yesterday afternoon, when the Federal Reserve concluded its latest strategy meeting ended with no increase in interest rates, as most observers had expected.

Future increase in rates has not been ruled out, however, leaving a cloud over the market.

Leading the Dow's turnaround were investors favorites such as Disney, American Express, McDonald's, General Electric and AT&T.