NEW YORK -- A last-minute buying spree sent the Dow Jones industrials higher today as investors, anxious about the economy's health, scooped up a mix of mostly old-economy stocks.
Dow gains 96
But investors' commitment was questionable, with the gains coming at the end of a low volume trading session in which blue chip and technology issues fluctuated considerably. Analysts said Wall Street remains worried about corporate profits and recent economic reports suggesting the economy is headed into recession.
The Dow rose 96.27 to close at 10,983.63. The Nasdaq composite index gained a more modest 10.07 to 2,782.80. The broader Standard & Poor's 500 index was up 7.46 to 1,373.47. Advancers led decliners by a nearly 9-to-7 margin on the New York Stock Exchange, with 1,721 up, 1,368 down and 198 unchanged. Volume came to 1.09 billion shares, compared with 1.26 billion yesterday. The NYSE composite index gained 2.93 to 666.57; the American Stock Exchange composite index slipped 1.29 to 928.83; and the Russell 2000 index rose 0.60 to 508.94.
The price of the Treasury's 10-year note was up .25 point, or $2.50 per $1,000 in face value, at midday; its yield fell to 5.08 percent from 5.12 percent late yesterday. The 30-year bonds were up 23/32 point and yielded 5.45 percent, down from 5.51 percent yesterday.
Earnings reports from a handful of non-technology companies got a mixed reception, despite results generally in line with expectations. Quaker Oats slipped 1 cent to $94.99 for earnings that met forecasts. Investors rewarded Mattel, which rose 71 cents to $15.57 after its results beat estimates.