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NEW YORK -- Stocks rebounded today as bargain hunters returned to the market to pick up blue chip technology issues following last week's big decline. But investors remained uneasy about corporate profits and inflation, a combination that caused stocks to tumble on Friday. Dow up 11; Nasdaq
regains 104Associated Press
The Dow Jones industrial average rose 10.81 to close at 10,521.98. The Dow lost nearly 75 points Friday and was down 2 percent last week.
The Nasdaq soared 103.99, or 2.8 percent, at 3,766.99 today after dropping more than 10 percent last week. The Standard & Poor's 500 index gained 10.94 to 1,430.83
"I think this is a reaction to last week's selloff," said Barry Berman, head trader for Robert W. Baird & Co in Milwaukee. He said investors remain nervous about inflation and whether Federal Reserve policymakers later this month will implement their seventh interest rate hike since June 1999.
Advancing issues outnumbered decliners by a 5-to-3 margin with 1,705 up, 1,156 down and 516 down on the New York Stock Exchange, where volume came to 930.22 million shares, down from Friday's 979.83 million.
The NYSE composite index rose 1.47 to 640.63; the American Stock Exchange composite index advanced 3.64 to 906.44; and the Russell 2000 index was up 10.42, or 2 percent, to end at 500.64.
The 30-year Treasury bond fell 1/32 point as its yield remained steady from Friday's 5.78 percent.
Leading the Dow higher today was Hewlett-Packard.