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Stocks End Higher; Dow Up 30.90

August 6, 1998

NEW YORK (AP) _ Technology shares mounted a sharp rebound today, but most stocks rose only modestly today, offering few clues as to whether the volatile decline of recent weeks has bottomed.

The Dow Jones industrial average rose 30.90 points to close at 8,577.68 after another session of twists and turns, albeit far more tame than those seen in recent days.

The gain would have been more pronounced except for the equivalent of a 20-point drop by American Express after a cautious profit forecast by the financial company.

The Nasdaq composite index jumped more than 2 percent as bellwether technology shares rallied, but the gains by other broad-market measures were less impressive.

The Dow recovered from an early 60-point drop, but then surrendered a 39-point gain before midday and traded slightly lower until late in the day.

Those moves were considerably more gentle than on Wednesday, when the Dow rebounded from a 125-point drop to gain 59 points, and on Tuesday, when the blue-chip barometer plunged 299 points.

The Dow now sits about 760 points below July 17′s all-time high of 9,337.97. At Wednesday’s low, the loss reached 975 points, or more than 10 percent.

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