Tech earnings power
rebound on Wall Street

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By Lisa Singhania
Associated Press

NEW YORK >> Technology buyers set off a modest rally on Wall Street today, encouraged by lower stock prices from the market's recent selloff and some mildly positive outlooks in the beleaguered sector.

The gains were selective, however, coming late in a session mostly characterized by fluctuations. The indecisiveness reflected what has become a trend -- although stocks occasionally manage small gains, the market has been unable to sustain any broad, upward move because of worries about the timing and strength of an economic recovery.

Analysts say investors are waiting to hear more corporations say that business is improving. So far, most haven't.

The Dow Jones industrial average closed up 17.16, or 0.2 percent, at 9,730.96. The strongest gains came in the tech-focused Nasdaq composite index, which rose 39.85, or 2.1 percent, to 1,922.38. The Standard & Poor's 500 index advanced 8.87, or 0.8 percent, at 1,128.18.

Advancing issues led decliners nearly 2 to 1 on the New York Stock Exchange, with 1,967 climbing, 1,140 falling and 227 unchanged. Volume came to 1.43 billion shares, compared with 1.31 billion yesterday. The Russell 2000 index rose 8.02 to 477.45. The NYSE Composite Index rose 3.35 to 577.62. The American Stock Exchange Composite Index rose 6.99 to 830.39.

The price of the Treasury's 2-year note fell 18 to 100 12, while its yield rising 7 basis points to 2.99. The 10-year note fell 1116 to 99 1516, with its yield rising 9 basis points to 5.01. The 30-year note fell 1 532 to 98 2332; its yield rose 8 basis points to 5.46.

IBM and General Electric fell after The Wall Street Journal published stories discussing their accounting practices. IBM lost $2.60 to $107.90, while GE fell 65 cents to $37.65. The recent collapse of Enron, and the subsequent scandal about its bookkeeping, has made many investors unsure of how much credence to give earnings reports.