Starbulletin.com

Closing Market Report

Star-Bulletin news services


Stocks close higher
after choppy trading


NEW YORK >> Wall Street extended its October winning streak into a fifth day yesterday, although trading was erratic as investors shied away from big commitments in advance of third-quarter earnings.

Analysts said investors were likely to remain cautious as economic news trickles in, and they warned that the market could become volatile if company results hold many negative surprises.

"I think we're going to have a choppy market here for a while as the earnings come out," said Barry Berman, head trader for Robert W. Baird & Co. "But the tone of the market is still optimistic ... we could see a continuation of the positive trend."

Advancing issues outnumbered decliners nearly 3 to 1 on the New York Stock Exchange. Volume remained light for a second day, with 1.65 billion shares traded, compared to just over 1 billion shares yesterday, when market activity slowed on the Yom Kippur holiday.

The Dow Jones industrial average closed up 59.63, or 0.6 percent, at 9,654.61, after recovering from midday losses.

The broader market also reversed course to close higher. The Nasdaq composite index rose 14.39, or 0.8 percent, to close at 1,907.85. The Standard & Poor's 500 index rose 4.90, or 0.5 percent, to close at 1,039.25. The Russell 2000 index closed up 4.05, or 0.8 percent, at 520.77.

The price of the Treasury's 10-year note closed down 11/16 point, while its yield rose to 4.26 percent from 4.17 percent Monday. Two-year Treasury notes were down 3/32 point and yielded 1.65 percent, up from 1.61 percent Monday.

Trading was quiet as many investors were waiting for third-quarter earnings. Companies were beginning to report results this week. Many analysts believe earnings will have to not only meet, but exceed, estimates for stocks to move higher after six months of gains.

Alcoa, the world's largest aluminum maker, said its earnings had risen 45 percent and beat analyst expectations by 4 cents a share. Investors were pleased with the news; the Dow component rose 66 cents in after-hours trading after losing 8 cents to close at $28.19 in regular dealings.

McDonald's Corp. gained 62 cents to close at $24.72 after Citigroup's Smith Barney unit upgraded the fast-food company's rating to "buy" from "hold," citing good sales prospects.

PepsiCo Inc. declined 10 cents to close at $47.40, in spite of the soft drink maker's reported 13 percent rise in profits, which met analysts' expectations.

LookSmart Ltd. slid $1.58, or 52.3 percent, to close at $1.44 after Microsoft Corp. said it would end a licensing agreement with the company in January 2004.


STOCK QUOTES/CHARTS/DATA
Search: TickerName


by Financials.com
--Advertisements--
--Advertisements--


| | | PRINTER-FRIENDLY VERSION
E-mail to Business Editor

BACK TO TOP


Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Feedback]
© 2003 Honolulu Star-Bulletin -- https://archives.starbulletin.com


-Advertisement-