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NEW YORK -- Blue chip stocks surged today, but technology issues fell back after an earnings warning from National Semiconductor revived worries about high-tech profits. Dow gains 121
Associated Press
The Dow Jones industrial average closed up 121.35, or 1.2 percent, at 10,393.07. The tech-focused Nasdaq composite index sank 48.90, or 1.4 percent, to 3,419.79. The Standard & Poor's 500 index was up 2.35 at 1,398.13.
Advancers beat decliners by a narrow margin with 1,560 up, 1,278 down and 467 unchanged on the New York Stock Exchange. NYSE volume came to 1.15 billion shares, vs. 1.02 billion yesterday. The NYSE composite index rose 4.25 to close at 646.54; the American Stock Exchange composite index fell 9.99 to 905.86; and the Russell 2000 index lost 2.11 to 487.85. The Treasury 10-year note's price was down point, or $1.25 per $1,000 in face value, at midday; its yield rose to 5.62 percent from 5.58 percent late yesterday. The 30-year bonds were down 11/32 point and yielded 5.70 percent, up from 5.68 percent late yesterday.
The latest batch of earnings reports received a mixed reception from investors, and spurred no major buying or selling.
The tech sector, which ended the previous session slightly down, weakened again after an earnings warning late yesterday from chip maker National Semiconductor, which tumbled $11.56, or about 32 percent, to $24.44.
Oil companies ExxonMobil, Texaco and Chevron all beat Wall Street estimates, but their stocks slipped on concerns about how long they will benefit from higher energy prices.