Stocks Bounce in Opening Trading
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NEW YORK (AP) _ Stock prices started sharply higher Wednesday on Wall Street.
The Dow Jones industrial average was ahead 203 points.
The Nasdaq composite index was up 46 points and the Standard & Poor’s 500 added 21.
The Dow came into today’s session with a seven-session slide, having lost more than 900 points in that time.
The market was getting an early boost from a long list of corporate earnings reports, many of them better than expected. In the case of Intel, investors appeared to be relieved that at least the news wasn’t any worse.
A report on new-home construction showed a decline in June, but was largely as expected.
Federal Reserve Chairman Alan Greenspan was back on Capitol Hill for a second straight day, this time testifying before a House panel.