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NEW YORK -- Enticed by bargain prices and heartened by the possibility of a tax cut, Wall Street gravitated back toward a strategy of buying today, although investors limited most of their purchases to safer blue chips. Dow up 16.17
Associated Press
Another set of profit warnings reminded the market that it could be some time before earnings and the economy show signs of substantial improvement.
The Dow Jones industrial average rose 16.17 to close at 10,466.31. The Nasdaq composite index lost 65.74 to finish at 2,117.63, and the Standard & Poor's 500 index declined 7.05 to 1,234.18. Advancers led decliners on the New York Stock Exchange with 1,919 up, 1,117 down and 213 unchanged at the close. Volume was 1.28 billion shares, matching yesterday's activity. The NYSE composite index gained 1.72 to 626.87. The American Stock Exchange gained 15.81 to 924.18 and the Russell 2000 index gained 3.58 at 476.88.
The Treasury's 10-year note fell 1/2, or $5 per $1,000 face amount, to a price of 100, leaving it higher by 1 5/32 on the week. Its yield on the day rose 7 basis points to 4.94 percent -- the lowest level since February 1999 -- after yesterday reaching 4.98 percent. The 30-year bonds were down 1 1/32 point to 100 6/32 and the yield rose 7 basis points to 5.36 percent, up from 5.30 percent late yesterday.
Overseas markets were mostly lower. Japan's Nikkei stock average fell 3.3 percent, Britain's FT-SE 100 lost 0.8 percent, and France's CAC-40 declined 0.9 percent. But Germany's DAX index gained 0.6 percent.