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Many stocks fall
Associated PressNEW YORK - Broad market indexes rallied along with the Nasdaq composite and Dow Jones industrial average today, but the increases belied the fact that there was more selling than buying.
Although the big-named stocks rallied into the close pumping up the major market indexes, most other stocks fell again, however, as bargain hunters remained leery of smaller companies. Declining issues beat advancers by a more than 3-to-3 margin, with 1,728 stocks down, 1,280 up and 413 unchanged on the New York Stock Exchange.
Still, the battered Nasdaq composite index jumped a record 217.87 points, or 6.6 percent, to 3,539.16. The Dow rose 276.74, or 2.7 percent, to 10,582.51, recovering nearly half of Friday's record one-day point drop of 617.78.
The S&P 500 rose 44.88, or 3.3 percent, to 1,401.44. The NYSE composite index climbed 8.72, or 1.43 percent, to 620.21; and the Russell 2000 index rose 5.54 points, or 1.2 percent, to end at 459.26. But the American Stock Exchange composite index, which holds many small, high-tech companies, fell 9.00, or 1 percent, to 848.97. NYSE volume was 1.2 billion shares vs. 1.25 billion Friday.
The price of the Treasury's 30-year bond soared 2 9/32 points, or $22.81 per $1,000 in face value; its yield dropped to 5.94 percent from 5.78 percent Friday.
The Nasdaq fell 25 percent last week, the biggest weekly loss in its 29-year history. The S&P 500 lost 10.5 percent, and the Dow slid 7.3 percent. For the year through today, the Nasdaq is down 13 percent; the S&P 500 is down 4.6 percent; and the Dow has dropped 8 percent.