NEW YORK >> Wall Street pushed moderately higher today, snapping four straight days of declines on news that Iraq approved a U.N. demand for surveillance flights. Wall Street gains
on news from Iraq
By Hope Yen
Associated PressTrading was light and choppy as investors refrained from major purchases despite merger news involving Hughes Electronics and SBC Communications, and Johnson & Johnson with biotech firm Scios.
"We're going to have this slow torture because nobody on the corporate front is going to stand up and say things look terrific," said Tony Cecin, director of institutional trading at US Bancorp Piper Jaffray, referring to the uneven trading.
Advancing issues narrowly outnumbered decliners on the New York Stock Exchange. Volume was light.
The Dow Jones industrial average rose 55.88, or 0.7 percent, to close at 7,920.11, having declined 2.4 percent last week to post its fourth straight losing week. Earlier in the day, blue-chip stocks were down as much as 62 points.
The broader market also finished moderately higher. The Nasdaq composite index gained 14.22, or 1.1 percent, to 1,296.69. The Standard & Poor's 500 index rose 6.28, or 0.8 percent, to 835.97. The Russell 2000 index rose 3.32, or 0.9 percent, to 362.10.
The price of the Treasury's 10-year note was down 9/32 point, while its yield rose to 3.97 percent from 3.94 percent late Friday. Two-year Treasury notes were down 1/16 point with a yield of 1.61 percent.
Iraq's U.N. ambassador, Mohamed al-Douri, said his country sent a letter to the United Nations today allowing U-2 surveillance flights. Iraq also pledged to pass legislation next week outlawing the use of weapons of mass destruction.
In response, White House spokesman Scott McClellan said, "The bottom line is the president is interested in disarmament. This does nothing to change that."
Meanwhile, Hughes Electronics rose 45 cents to $10.20 after reports that SBC Communications, the nation's second-largest local phone company, might bid for the nation's top satellite broadcaster. SBC dropped 68 cents to $24.50.
Johnson & Johnson gained 20 cents to $52.04 after the health care company confirmed it was buying biotech company Scios in a deal worth $2.4 billion. Scios rose $1.72 to $43.92.
Some investors were avoiding major commitments as they awaited Federal Chairman Alan Greenspan's comments to Congress about the economy tomorrow and Wednesday, analysts said.
Marriott International climbed $1.20 to $30.55 after the hotel operator reported fourth-quarter operating earnings that were ahead of analysts' expectations; however, it also said 2003 results would lag behind estimates.
Overseas, Japan's Nikkei stock average finished 0.4 percent higher. In Europe, France's CAC-40 declined 0.9 percent, Britain's FTSE 100 dropped 0.6 percent and Germany's DAX index rose 0.7 percent.
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