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Dow up 14.85
Associated PressNEW YORK -- Stocks rose modestly today as some strong second-quarter earnings reports helped investors overcome their latest inflation fears and look for strong performers from the technology sector. The Dow Jones industrial average rose 14.85 at 10,699.97.
The Standard & Poor's 500 index was up 10.18 at 1,474.47, and the Nasdaq composite index gained 48.00 at 4,029.57.
Advancers beat decliners by a narrow margin, with 1,448 up, 1,379 down and 516 unchanged on the New York Stock Exchange, where volume came to 969.63 million shares, up from 970.15 million yesterday. The NYSE composite index gained 1.56 to 652.56; the American Stock Exchange index fell 7.97 to 910.27; and the Russell 2000 index was up 0.08 at 514.33.
The 30-year Treasury bond price rose 3/32 point, or 94 cents per $1,000 face amount; its yield was unchanged from late yesterday's 5.81 percent.
AT&T and Texas Instruments beat earnings forecasts, giving a boost to other high-tech stocks. Those upbeat results helped offset reports of a still-robust economy that made investors uneasy about inflation and interest rates.
The National Association of Realtors said existing home sales rose 2.8 percent in June. Economists had expected sales to drop. Higher housing sales could signal that the U.S. economy is still surging, which could prompt Federal Reserve policymakers to raise interest rates again when they meet next month. And the Conference Board said today its Consumer Confidence Index rose, suggesting consumers are optimistic about future economic growth. Most analysts were expecting a decline.