NEW YORK -- Technology stocks rallied late today, embarking on another recovery bid, while the broad market reversed the recent trend by bouncing back from an early stumble. Dow rises 66.76 as
techs rally
The Dow Jones industrial average rose 66.76 points to close at 8,870.56 after erasing an early 54-point drop. The Dow sank 87 points yesterday after a late downturn, falling to the lowest level since March.
Advancers led decliners by a narrow margin on the New York Stock Exchange. NYSE volume totaled 568.95 million shares, vs. 576.43 million yesterday.
Broader indexes also shook off a weak start. The technology-heavy Nasdaq composite posted the biggest gain.
The Standard & Poor's 500 rose 12.10 to 1,094.83, and the Nasdaq composite index rose 27.64 to 1,769.95. The NYSE composite index rose 4.92 to 566.35, and the American Stock Exchange composite index rose 4.98 to 709.46. The Russell 2000 index of smaller companies rose 2.58 to 451.74.
The benchmark 30-year Treasury bond fell 19/32, or $5.94 per $1,000 bond, the biggest drop since May 14. The yield rose to 5.82 percent, from 5.78 late yesterday.
The tone of trading remained hesitant with company profit worries mounting and a report on May employment due tomorrow. The reading on payroll and wage levels -- two major forces behind inflation -- may offer some key insight on whether the Federal Reserve might need to slow the economy with higher interest rates.
Overseas, Tokyo's Nikkei stock average rose 0.5 percent.