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NEW YORK -- A last-minute buying binge brought on by cheap prices rescued stocks from a steep decline today on Wall Street. However, the relief was expected to be short-lived, because the economy and corporate earnings are still hurting. Dow down 45
Associated Press
"Stocks are rallying because they went off so sharply for so many consecutive sessions," said Alan Ackerman, executive vice president at Fahnestock & Co. just before the market closed. "But on balance, the market is still suffering from profit woes. Companies are still reducing their earnings and outlook numbers. We're in a difficult environment to call."
The Dow Jones industrial average closed down 45.14 at 10,450.14 after recouping much of its earlier 190-point loss. Broader market indicators finished higher. The Nasdaq composite index rose 31.54 to 2,183.37, recovering from being down as much as 110 points. Still, the Nasdaq hasn't seen this level since December 1998. The Standard & Poor's 500 index inched up 1.29 to 1,241.22.
Decliners led advancers on the New York Stock Exchange, with 1,469 up, 1,562 down and 220 unchanged. Volume was 1.28 billion shares, ahead of the 1.17 billion yesterday. The NYSE composite index slipped 1.79 to 625.15. The American Stock Exchange composite index gained 0.65 to 908.37 and the Russell 2000 index ended down 1.07 at 473.30. The 10-year Treasury note's price was up 1/2 point, or $1.25 cents per $1,000 in face value; its yield fell to 4.89 percent from 4.90 percent yesterday. The 30-year bonds were up 6/32 point and yielded 5.30 percent, down from 5.32 percent.