NEW YORK - Stocks rose modestly today as the latest profit report from Intel Corp. beat Wall Street's deflated expectations, but added to worries about how much the Asian economic crisis will hurt U.S. companies this year.
Dow up 52.56
The Dow Jones industrial average traded in a tight range most of the day before pushing higher over the final 90 minutes, closing 52.56 points higher at 7,784.69.
Advancers led decliners by a 12-to-7 margin on the New York Stock Exchange, with 1,871 up, 1,084 down and 512 unchanged. NYSE volume was 591.63 million shares vs. 645.70 million yesterday.
Most broad-market indicators also turned higher after being pressured during the morning by some profit-taking on yesterday's rally. Technology shares gave back some of the previous day's gains despite a better-than-expected profit report by Intel.
The Standard & Poor's 500-stock list rose 5.82 to 957.94, and the NYSE composite index rose 3.60 to 501.35. The Nasdaq composite index gained 7.13 to 1,548.76, and the American Stock Exchange composite index rose 2.76 to 658.64. The Russell 2000 index of smaller companies gained 3.49 to 421.93.
The price of the Treasury's 30-year bond was up 1/32 point, or 31 cents per $1,000 in face value, by late afternoon, while its yield was at 5.74 percent up from 5.73 percent late yesterday.
After yesterday's close, the bellwether of the semiconductor industry reported that higher costs, weaker demand from Asia and a surge in demand for cheaper computers combined to trim fourth-quarter profits 9 percent to $1.74 billion. Intel also said sales for the current quarter would remain level compared with the final three months of 1997.
Overseas, Asian markets showed signs of recovery for the second straight day after a series of sharp selloffs over the past week.
Singapore's stock exchange rose 7.1 percent today while Hong Kong's key index rose 5.8 percent and Tokyo's Nikkei index rose 2.5 percent. In Europe, Frankfurt's DAX index rose 0.7 percent and London's FT-SE 100 rose 0.5 percent.