NEW YORK - Technology stocks led the market to its strongest performance in more than a week today as investors hunted for bargains among shares that have been beaten down recently.
Dow up 115.88
The Dow Jones industrial average gained 115.88 points, or 1.07 percent, to close at 10,979.04. The blue-chip index rose as much as 168 points during the session, rebounding strongly from yesterday's shiftless 47.80-point loss.
Broader stock indicators were also higher. The Standard & Poor's 500 rose 15.08, or 1.12 percent, to 1,362.84, and the Nasdaq composite index rose 60.14, or 2.3 percent, to 2,679.33.
Advancers beat decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,619 up, 1,368 down and 537 unchanged. NYSE volume totaled 723.43 million shares vs. 616.35 million yesterday. The NYSE composite index rose 4.79 to 640.69; the American Stock Exchange composite index gained 1.83 to 792.62; and the Russell 2000 index of smaller companies advanced 3.61 to 446.48.
A modest rise in U.S. Treasury bond prices helped stocks today. The 30-year bond rose 10/32, or $3.13 per $1,000 face amount, to a price of 89 17/32. Its yield fell 2 basis points to 6.01 percent.
A wide range of computer-related stocks soared today, helping the Dow and the technology-dominated Nasdaq alike. Computer makers rose, including IBM and Hewlett Packard. Chip maker Intel gained as a Wall Street analyst raised his 1999 earnings forecast.
After last week, when the Nasdaq dropped 172.08 points, a loss of 6.1 percent, analysts said investors were ready to scoop up technology stocks at their discounted prices.