Stocks Mostly Higher; Dow Up 0.49
NEW YORK (AP) _ Stocks opened modestly higher today as world markets stabilized and investors in technology issues took some profits.
The Dow Jones industrial average was up 0.49 at 7,732.62 as of 10 a.m. on Wall Street.
Broad market indicators were narrowly mixed.
Advancing issues outnumbered decliners by a 5-to-3 margin on the New York Stock Exchange, where volume came to 79.25 million shares, down slightly from the same time Tuesday.
The Standard & Poor’s 500-stock index was down .26 at 951.86, and the NYSE composite index was up 0.41 at 498.16.
The Nasdaq composite index was up 2.92 at 1,544.55, and the American Stock Exchange composite index was up 1.96 at 657.84.
There was some selling in technology issues after Intel’s fourth-quarter earnings announcement surpassed analyst expectations. Many investors had bought high-tech stocks anticipating the good news, and were selling today to preserve their gains.
Intel was off 1 5/16 at 75 5/8.
But U.S. stocks took strength from the continued recovery on Asian stock markets after the massive selloffs of the past week and an apparent end to the latest flareup of worries over the Asian countries’ sagging economies.
Singapore’s stock exchange rose 7.1 percent today while Hong Kong’s key index was up 5.8 percent and Tokyo’s Nikkei index rose 2.48 percent. In afternoon trading, Frankfurt’s DAX index was down .11 percent and London’s FT-SE 100 was up .58 percent.
On Tuesday, Wall Street had its best day of the new year thanks to the strength in technology stocks. The Dow was up nearly 85 points, adding to a 66-point gain on Monday.