NEW YORK - The Dow industrials pitched a final-hour rally, ending three days of losses as investors searched for bargain stocks whose prices sank amid renewed fears of lower corporate profits and Asian economic troubles. Dow rebounds
to gain 23.17
The Dow Jones industrial average rose 23.17 points at 8,834.94 after sliding every day this week except Monday. The blue chip indicator made a dramatic turnaround amid late-day bargain-hunting after sinking nearly 128 points earlier in the day.
Decliners led advancers by a 12-to-7 margin on the New York Stock Exchange, with 1,118 up, 1,910 down and 500 unchanged. NYSE volume was 631.55 million shares vs. 603.47 million yesterday.
Broad stock market indicators were mixed. The Standard & Poor's 500 index was up 4.26 at 1,098.84, but the technology-heavy Nasdaq composite index fell 4.82 at 12,744.93. The NYSE composite index rose 1.17 to 566.67, and the American Stock Exchange composite index dipped 1.65 to 697.40. The Russell 2000 index of smaller companies fell 2.76 at 441.59.
The price of the Treasury's main 30-year bond today fell 1/16 point, or 63 cents per $1,000 in face value, while its yield rose to 5.66 percent from 5.65 percent late yesterday.
The continued strength of the U.S. dollar, which surged to an eight-year high against the Japanese yen, continued to weigh on stocks. A strong dollar compounds Asia's troubles by making returns less attractive on Asian investments. It also hurts U.S. companies by making U.S. exports more expensive in Asia.