Advertisement - Click to support our sponsors.
NEW YORK -- Investors sent blue chip stocks higher for a third straight session today, while technology stocks recovered from an early loss and posted their first gains of the week. Dow gains 111
Associated Press
The Dow Jones industrial average closed up 110.72 at 10,803.16, extending a rally that began Friday. The Nasdaq composite index rose 45.80 to 2,539.32, and the Standard & Poor's 500 index climbed 13.73 to 1,328.92.
Advancers beat decliners a more than 2-to-1 margin on the New York Stock Exchange, with 2,117 up, 854 down and 359 unchanged. Volume came to 1.06 billion shares, vs. 794 million issues yesterday. The NYSE composite index gained 7.57 to 653.66; the American Stock Exchange composite slipped 0.99 to 876.60; and the Russell 2000 index rose 12.67 to 479.30.
The 10-year Treasury note's price was down 1/2 point, or $5 per $1,000 in face value, while its yield rose to 5.12 percent from 5.05 percent late yesterday. Prices and yields move in opposite directions. The 30-year bonds were down 13/32 point and yielded 5.46 percent, up from 5.42 percent late yesterday.
Stock analysts said today's advance reflected some high-tech bargain hunting and the same gravitation toward more stable, nontech issues that has been evident on Wall Street since Labor Day. "There is still a feeling out there that tech stocks are still not over-cheap, that it's still not time to go into a sector that's still sorting out its wounds from a speculative bubble," said Charles Pradilla, chief investment strategist at SG Cowen Securities. "So these blue chips are more attractive."