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NEW YORK -- Bargain-hunting investors bid stocks higher today as they digested mixed earnings reports and more warnings that profits will remain weak in the first quarter. Tech stocks and blue chips made healthy advances after struggling earlier in the session. Dow gains 94
Associated Press
The Dow Jones industrial average closed up 93.94 to 10,678.28. The Nasdaq composite index rose 85.69, or 3.2 percent, to 2,768.47, and the broader Standard & Poor's 500 index advanced 18.50, or 1.4 percent, to 1,347.97. Advancers led decliners 16 to 13 on the New York Stock Exchange with 1,624 up, 1,285 down and 392 unchanged. NYSE volume was 1.36 billion, up from 1.32 billion yesterday. The NYSE composite index gained 3.46 to 651.52; the American Stock Exchange composite index fell 6.14 to to 899.88; and the Russell 2000 index moved up 1.17 to 494.63.
"The market is seeing more buying on dips now than it has recently and coincidentally what appears to be less selling on strength," said Alan Ackerman, executive vice president of Fahnestock & Co. "In other words, there is a bit more bargain hunting going on."
The 10-year Treasury note's price was up 15/32 point, or $4.69 per $1,000 in face value, while its yield fell to 5.11 percent from 5.16 percent late yesterday. The 30-year bonds were up 22/32 point and yielded 5.48 percent, down from 5.52 percent yesterday.
Earnings still were key throughout the session as major companies. But with profits largely meeting lowered expectations, analysts said Wall Street is more concerned with future earnings.
After the market closed, Microsoft Corp. reported its quarterly profits were virtually unchanged from a year ago, meeting lowered forecasts, and cautioned that it expected a tough road ahead amid slowing computer sales. Microsoft said net profits for its fiscal second quarter, which ended Dec. 31, were $2.62 billion, or 47 cents a share, up slightly from the $2.44 billion, or 47 cents a share, a year earlier.