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NEW YORK -- Blue-chip stocks rose today after the Federal Reserve left interest rates unchanged, indicating inflation fears are moderating. Technology stocks were mixed, partly on worries of slowing corporate profits. Dow gains 59
Associated Press
The Dow Jones industrial average rose 59.34 to 11,139.15; the Nasdaq index rose 5.06 at 3,958.21; but the Standard & Poor's 500 fell 1.35 at 1,498.13.
Advancers led decliners by a slender margin, with 1,435 up, 1,329 down and 578 unchanged on the New York Stock Exchange. Trading volume on the NYSE totaled 822.16 million shares, up from 729.97 million yesterday.
The NYSE composite index rose .46 point to 671.62; the American Stock Exchange composite index gained 2.23 to 922.75; and the Russell 2000 index of smaller companies was up 1.01 at 517.46.
The 10-year Treasury note price rose 2/32 point, or 63 cents per $1,000 face amount, as its yield dropped 1 basis point to 5.77 percent. The current 2-year note rose 1/32 point, as its yield fell 1 basis point to 6.26 percent. The 30-year bond slipped 2/32 point as its yield rose to 5.72 percent from 5.71 percent yesterday.
Big movers on the Dow included Honeywell, up $1.94 at $38.63, and J.P. Morgan, up $3.56 at $148.50. Both firms stand to benefit if Fed officials are done boosting rates to fight inflation fears
Most analysts had expected the Fed to leave rates alone as recent economic data suggested the central bank has succeeded in slowing the economy and keeping the lid on inflation. The Fed had raised rates six times since June 1999, before leaving them unchanged at its meeting in July.