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NEW YORK -- Stocks moved higher today as investors took advantage of cheaper prices and momentarily put aside their fears about the slowing economy. Dow up 95.99
Associated Press
Wall Street managed the advance despite warnings from more companies that future profits will be weak. Analysts are split over whether that means the market is poised to rally or whether investors are just bargain hunting.
The Dow Jones industrial average rose 95.99 to close at 10,562.30. Volume was the lightest so far this year as many traders stayed home due to the winter storm in the Northeast. The Nasdaq composite index climbed 25.29 to 2,142.92. The Standard & Poor's 500 index rose 7.23 to 1,241.41.
Advancers led decliners on the New York Stock Exchange with 1,651 up, 1,402 down and 195 unchanged at the close. Volume was 926 million shares vs. 1.28 billion Friday. The NYSE composite index gained 1.98 to 628.85. The American Stock Exchange gained 2.79 to 926.97 and the Russell 2000 index, which tracks the performance of smaller company stocks, fell 1.09 to 475.79. The Treasury's 10-year note fell 7/32 to 100 6/32; its yield rose 3 basis points to 4.98 percent. The 30-year bond fell 3/32 to 100 1/32; its yield rose 1 basis point to 5.37 percent.
Much of the tech advance came from the semiconductor sector, where Altera gained $1.25 to $27.13 and Vitesse Semiconductor rose $1.25 to $39.06. Semiconductors traded higher although several companies, including Vitesse, curtailed earnings expectations.
Not all stocks, however, were able to shake off bad news. Coca-Cola, the Dow's biggest loser on today, tumbled $2.35 to $50.20 after the company announced a management reorganization plan that included the elimination of the president's post.