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NEW YORK -- Stocks bounced back today as a strong earnings report from JDS Uniphase helped restore investors' confidence in tech stocks. A report showing a gentle slowdown in economic growth also calmed fears of inflation and interest rate hikes. Dow gains 210.5
Associated Press
The Dow Jones industrial average rose 210.50, or 2 percent, to 10,590.62. The Nasdaq composite index ended with a gain of 6.18, closing at 3,278.36 after waffling in and out of positive territory during the day. The Standard & Poor's 500 index rose 15.14 to 1,379.58. Advancers beat decliners by a 5-to-3 ratio on the New York Stock Exchange, with 1,799 up, 1,026 down and 489 unchanged. NYSE volume was 1.08 billion shares, below 1.28 billion shares yesterday. The NYSE composite index gained 7.53 to 641.01; the American Stock Exchange composite index slipped 0.61 to 897.23; the Russell 2000 index was up 0.09 at 479.85.
The Treasury 10-year note's price fell 4/32 point, or 12.5 cents per $1,000 in face value, while its yield rose to 5.71 percent from 5.68 percent late yesterday. The 30-year bonds sliped 3/32 point and yielded 5.74 percent, up from 5.73 percent yesterday.
JDS Uniphase rose $2.81 to $77.25 after releasing better-than-expected earnings after the markets closed yesterday. Another fiber-optic equipment maker, Corning, rose $6.06 to $76.06, and other major tech names also rebounded. But Nortel, the telecom equipment maker whose poor earnings report touched off the rout in tech shares on Wednesday, continued to struggle. Nortel's shares were off $2.38 at $43.