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NEW YORK - Stocks rose today, as investors sought out industries likely to escape an expected slowdown in second-half profits. Brokerages, oil producers and chip makers led the gains. Dow gains 47
Associated Press
The Dow Jones industrial average closed up 47.25 at 11,055.64. The Standard & Poor's 500 index was up 16.22 to 1,496.07, and the Nasdaq composite was up 79.67, or 2 percent, at 3,940.87. Advancers beat decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,602 up, 1,220 down and 532 unchanged. Volume was 907.98 million shares, down from 934.42 million yesterday. The NYSE composite index gained 4.94 to 671.19; the American Stock Exchange composite index rose 6.47 to 914.55; and the Russell 2000 index rose 3.72 to 516.46. The 30-year Treasury note's price was up 14/32 point, or $4.38 per $1,000 face amount, while its yield fell to 5.71 percent from 5.74 percent late yesterday.
Shares of telecommunications parts maker Ciena Corp. rose sharply $15.94 to $179.19 today after the company forecasted better-than-expected fourth-quarter earnings based on projected demand for fiber-optic parts. The announcement gave an across-the-board boost to Internet and telecom equipment companies.
The latest earnings scare came from Hewlett-Packard Co. Two analysts expressed concern for the firm's second-half profits, sending shares down $12 to $108. But HP also reported a 23 percent increase in its third-quarter profit, easily beating forecasts, as home PCs and notebook sales increased. HP's revenue for the quarter grew 15 percent to $11.8 billion from $10.3 billion.