Stocks rise on mixed
financial predictions

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By Amy Baldwin
Associated Press

NEW YORK >> Stocks advanced in a difficult session today that saw the major indexes rise on growing optimism about the economy and then give up ground amid more evidence that hopes for a turnaround this year are premature.

Early on, investors were cheered by an upbeat forecast from Dell Computer and a report by the Conference Board, a New York-based industry group, that pointed to an economic rebound. But the market's gains faded during the afternoon when the Federal Bank of Philadelphia said business remains quite weak.

"The market said, 'Oh, geez, we are not really recovering,"' after the Philadelphia Fed released its report, said Todd Clark, co-head of trading at WR Hambrecht. "That's what did it."

The Dow Jones industrial average ended up 40.17 at 10,610.00, according to preliminary calculations. The Dow slipped from an earlier 109-point gain.

Wall Street's broader indicators also were higher. The Nasdaq composite index rose 30.42 to 2,046.59, while the Standard & Poor's 500 index advanced 7.31 to 1,215.02.

Advancing issues outnumbered decliners nearly 3 to 2 on the New York Stock Exchange, with 1,766 climbing, 1,264 falling and 247 unchanged. Volume came to 1.5 billion shares.

The Russell 2000 index, which tracks the performance of smaller company stocks, rose 3.92 to 487.54.

The price of the Treasury's 10-year note fell 4/32 to 99 6/32, while its yield rose 2 basis points to 5.108. The price of the 30-year note fell 6/32 to 97 24/32 and its yield rose 1 basis point to 5.529.

Among today's gainers was Dell, up $1.18 at $28.38 after saying demand is improving and standing by its second-quarter earnings estimates of 16 cents a share. The news from Dell provided a respite from the more than 800 profit warnings that have hit Wall Street during the past six weeks.