NEW YORK >> Investors, cautious despite a handful of satisfactory earnings reports, gave stocks a tentative advance today while they awaited key quarterly reports from Intel and IBM. Stocks edge up
ahead of key tech earningsBy Lisa Singhania
Associated PressAnalysts said investors were buying lightly because of the relatively low prices of some stocks, but still found reasons to sell in the absence of concrete indications that business is improving.
The market was also trying to assess the effect of the Sept. 11 terror attacks on companies, although it looked past a Federal Reserve report showing a drop in manufacturing after the assaults. Instead, investors focused on earnings from Intel and IBM, due after the close.
"They're two bellwethers for the market," said Steven Goldman, market strategist at Weeden & Co. "Their results could set the tone for trading on Wednesday."
The Dow Jones industrial average closed up 36.61 at 9,384.23. Broader stock indicators also managed small gains. The Standard & Poor's 500 index was up 7.56 at 1,097.54 while the Nasdaq composite index rose 25.76 to 1,722.07.
Advancers led decliners on the New York Stock Exchange, with 1,972 up, 1,142 down and 213 unchanged. Volume was 1.21 billion shares.
The NYSE composite index rose 3.45 to 565.27, the American Stock Exchange composite index gained 6.93 to 830.53 and the Russell 2000 index gained 4.44 to 434.53.
The Treasury's 2-year note was unchanged at 100; its yield fell 1 basis point to 2.74 percent. The 10-year note rose 7/32 to 103 12/32; its yield fell 3 basis points to 4.57 percent. The 30-year bond gained 11/32 to 100 13/32; its yield fell 2 basis points to 5.35 percent.
In today's trading, the market also digested a new report showing that industrial activity plummeted in September as the terror attacks dealt a new blow to the nation's battered manufacturing sector. It was the 12th straight month of decline.