NEW YORK >> Investors bid stocks mostly higher today, overcoming their disappointment over two weak economic readings and focusing once more on hopes for 2002. Technology dipped on minor profit taking.
Stocks finish mixed
despite new reports
By Amy Baldwin
Prices fell more broadly earlier in the session, in part because of a revised reading on the nation's gross domestic product -- the sum of U.S. goods and services -- in the third quarter. The Commerce department reported that the economy contracted at a rate of 1.1 percent, steeper than the 0.4 percent decline reported last month and larger than the 0.9 percent decrease analysts expected.
Investors were also initially unsettled by a drop in the Purchasing Management Association of Chicago index of area business activity, which fell to 41.1 in November from 46.2 in October.
The Dow Jones industrial average closed up 22.14, or 0.2 percent, at 9,851.56. The Dow is 19.6 percent above its low of 8,235.81, where it closed Sept. 21 following the terror attacks.
But the broader market ended today slightly lower. The Nasdaq composite index declined 2.70, or 0.1 percent to 1,930.56, and the Standard & Poor's 500 index slipped 0.74, or 0.06 percent, at 1,139.46.
Declining issues narrowly outnumbered advancers on the New York Stock Exchange, with 1,560 rising, 1,586 falling and 203 unchanged. Volume came to 1.6 billion shares.
The Russell 2000 index, which tracks smaller company stocks, decreased 2.55, or 0.6 percent, to 460.78.
The NYSE Composite Index closed at 579.26, down 0.49. The American Stock Exchange Composite Index ended at 815.78, up 2.39.
The price of the Treasury's 10-year note was unchanged at 101 29/32, with a yield of 4.752. The price of the 30-year note fell 21/32 to 101 13/32, while its yield rose 4 basis points to 5.279. The price of the 2-year note rose 1/32 to 100 10/32, while its yield fell 2 basis points to 2.837.