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NEW YORK -- Investors sought bargains on Wall Street today, sending blue chips soaring while leaving the Nasdaq in positive territory for the first time in eight sessions. Dow jumps 168
Associated Press
Overall, the market shrugged off a spate of profit warnings and its fears that the economy is slowing too much. The Dow Jones industrial average closed up 168.36 to 10,487.29. The technology-focused Nasdaq composite index climbed 7.35 to 2,340.13, ending its seven-session losing streak. The Standard and Poor's 500 index rose 10.12 to 1,274.86.
Advancers outnumbered decliners 7 to 5 on the New York Stock Exchange, with 1,679 up, 1,230 down and 417 unchanged. Volume was 1.41 billion shares vs. 1.43 billion yesterday. The NYSE composite index rose 4.31 to 629.28, the American Stock Exchange composite index lost 0.42 to 853.20 and the Russell 2000 index was up 3.23 at 447.03.
"We've got a sense that a lot of the bad news has been priced into the marketplace. We are very oversold," said Arthur Hogan, chief market analyst for Jefferies & Co. "This is a bargain hunters market.
The Treasury's 10-year note fell 1/32 to 105 12/32; its yield held at 5.04 percent. The 30-year bond slipped 6/32 112 9/32; its yield rose 1 basis point to 5.41 percent.
After the market closed, Northrop Grumman, the fifth-largest U.S. defense contractor, announced that it had agreed to buy shipbuilder Litton Industries for $5.1 billion in cash and assumed debt. Northrop will pay $80 for each of Litton's common shares, or 28 percent more than today's closing price.