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NEW YORK -- Technology buying boosted the overall stock market today as investor confidence in the badly battered sector seemed to be growing. Dow up 95.61
Associated Press
Tech stocks rose even with the release of earnings from Hewlett-Packard and Dell Computer after the market's close. Still, analysts cautioned against reading too much into the upturn.
"We're in a trading range. We're going to have periodic rallies that are quite strong and then corrections that are quite nasty. This is part of that pattern," said Peter Anderson, chief investment officer at American Express Financial Advisors.
Extending its gains from the previous session, the tech-focused Nasdaq composite index rose 61.51 to close at 2,552.91. The Dow Jones industrial average advanced 95.61 to 10,891.02, reversing most of a 107-point loss from yesterday. The broader Standard & Poor's 500 index gained 10.69 to 1,326.61. Advancers outnumbered decliners 8 to 7 on the New York Stock Exchange, with 1,669 up, 1,396 down and 222 unchanged. Volume was 1.13 billion shares, ahead of 1.11 billion yesterday.
The NYSE composite index rose 2.42 to 654.45, the American Stock Exchange composite index fell 2.04 to 933.97 and the Russell 2000 index rose 5.36 to 508.85.
The Treasury's 10-year note's price was unchanged at 98 23/32; its yield remained at 5.16 percent. The 30-year bond fell 14/32 to 98 12/32; its yield rose 3 basis points to 5.49 percent.
The market's gains appeared to come chiefly from technology stocks. The Dow was lifted by IBM, up $1.68 at $116.78, and Intel, up $1.69 at $35.81.
Hewlett-Packard rose 5 cents in extended-hours trading, adding to its $2.26 gain from the regular session where it closed at $36.65. After the market closed, Hewlett-Packard announced earnings that met analysts' expectations.
On the Nasdaq, Cisco Systems rose $1.44 to $30.81, and Juniper Networks advanced $2.81 to $92.19. Dell fell 44 cents in extended trading after missing expectations by 1 cent and announcing it will cut 1,700 jobs.