NEW YORK -- Stock indexes moved higher today, supported by isolated strength in consumer and financial services issues, but the broad market lagged as a recovery in technology stocks proved uneven. Dow up 103
At the close of trading on Wall Street, the Dow Jones industrial average was up 103.16 at 9,298.63. The Dow opened stronger, dipped to a loss of 4.27 but then resumed climbing and never looked back.
Broader stock indicators ended moderately higher, with the Nasdaq composite up 11.64 at 2,260.55, and the Standard & Poor's 500 composite up 13.25 at 1,237.28.
Advancers led decliners on the New York Stock Exchange, with 1,762 up, 1,213 down and 572 unchanged. Volume came to 743.00 million shares compared to 730.47 million yesterday. The NYSE composite index gained 6.11 to 586.46, the American Stock Exchange was up 1.17 to 689.82 and the Russell 2000 index of smaller companies rose 1.55 to 391.09.
The 30-year Treasury bond fell for the first time in three days after reports on inflation, manufacturing and employment pointed to economic resilience, giving investors little incentive to buy bonds. The long bond fell 25/32, pushing its yield up 5 basis points to 5.36 percent.
The tone of the market again failed to impress traders and technicians, who have been complaining for some time that even on days when the Dow finishes higher, the trend isn't confirmed across the entire market.
"The breadth tells me the whole story," said Larry Rice, chief investment officer at Josephthal & Co. "The rallies are very narrow, and the sell-offs kill you. There's really been very little leadership."