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NEW YORK -- Stocks closed higher today, erasing earlier losses as bargain hunters successfully pulled the market out of a slump in technology stocks. Dow up 19;
Nasdaq jumps 101Associated Press
The Nasdaq composite index, after falling as much as 137.21 in early trading, closed up 101.42 at 3,759.88. The Dow Jones industrial average also overcame early losses, closing up 19.05 at 10,706.58. The Standard & Poor's 500 index was up 13.86 at 1,452.56.
Declining beat advancers by a 5-to-4 margin on the New York Stock Exchange, with 1,327 up, 1,525 down and 479 unchanged. Volume came to 1.05 billion shares, ahead of yesterday's 987.58 million. The NYSE composite index rose 1.40 to 651.71, the American Stock Exchange composite index fell 6.16 to 906.58 and the Russell 2000 index was off 0.77 at 499.45. The 30-year Treasury bond gained 10/32 to 107 9/32. Its yield fell 2 basis points to 5.74 percent.
A handful of recently beaten down stocks fell back into favor, helping to lift the broader markets. Oracle was up $4.31 at $77.44 and Cisco Systems up $3.44 at $64.37 1/2. Investors sold tech stocks early when Lehman Brothers reported that Motorola was telling suppliers it was seeing lower demand for handsets. That put pressure on the entire wireless phone group. Motorola was down 69 cents to $36.12 1/2, while Nokia slipped 50 cents to $40.75. After the close, Walt Disney Co. said its fiscal third-quarter profit rose 79 percent, more than expected, on higher ad sales at the top-rated ABC TV network and attendance at its theme parks.