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NEW YORK -- Investors sent stocks moderately higher today, but kept their purchases to a minimum in advance of this week's Federal Reserve meeting. Dow gains 42
Associated Press
Despite a hint of difficult quarters ahead from tech bellwether Cisco Systems, buyers bid up technology stocks on expectations the sector will benefit if the Fed cuts interest rates as Wall Street anticipates. The Dow Jones industrial average closed up 42.21 at 10,702.19 in light trading. The Nasdaq composite index rose 57.04 to reach 2,838.34, while the Standard & Poor's 500 index gained 9.22 to reach 1,364.17.
Advancers led decliners 3 to 2 on the New York Stock Exchange, with 1,968 up, 1,170 down and 146 unchanged. Volume came to 1.03 billion shares, vs. 1.08 billion Friday. It was the first day ever that the NYSE's 3,500-plus issues traded solely in decimals. Officials there reported no problems with the transition. The Nasdaq stock market is expected to complete a similar change in April as part of the same government mandate.
The NYSE composite index rose 2.67 to 658.18; the American Stock Exchange composite index gained 5.09 to 926.65; and the Russell 2000 index rose 9.23 to 507.91.
The 10-year Treasury note's price fell 10/32, or $3.13 per $1,000 face amount; its yield rose 3 basis points to 5.31 percent. The 30-year bond fell point; its yield rose 5 basis points to 5.69 percent.
Analysts said Wall Street remained focused on the strong likelihood that the Fed will cut rates for a second time in a month at its two-day meeting starting tomorrow. But many investors are skeptical about whether that will be enough to improve soft earnings.