Stocks Advance; Dow Up 124.47
NEW YORK (AP) _ Stocks opened modestly higher today as a stronger than expected profit report from Hewlett-Packard lifted the market.
In the first hour of trading on Wall Street, the Dow Jones industrial average was 124.47 at 11,007.56.
Broader stock indicators were also higher. The Standard & Poor’s 500 index was up 4.86 to 1,415.57, and the Nasdaq composite index was up 22.30.
Hewlett-Packard drew the Dow higher, soaring 13 1/16 to 91 1/16. The company said late Wednesday that it earned 73 cents a share in the quarter ended Oct. 31, matching analysts’ expectations that were scaled back last month after company officials warned they were too high.
Excluding one-time costs of separating into two businesses, HP would have earned 75 cents a share. In March, the company split into a computer and imaging business, and a testing and measurement business dubbed Agilent Technologies.
Enthusiasm for Hewlett-Packard lifted other technology companies as well. Intel rose 1 15/16 to 76 11/16, and Cisco Systems rose 13/16 to 85 9/16.
Citrix Systems, a software maker, soared 18 5/8 to 100 1/4 after a Credit Suisse First Boston analyst said the company is seeing rapid growth in orders.
Advancing issues outnumbered decliners by a 6-to-5 margin on the New York Stock Exchange, where volume came to 132.22 million shares, ahead of Wednesday’s early pace.
The Russell 2000 index of smaller companies rose 1.81 to 458.88.
Overseas, Japan’s Nikkei stock average rose 1.4 percent. In afternoon trading, Germany’s Xetra DAX index was up 0.8 percent, Britain’s FT-SE 100 was up 0.04 percent, and France’s CAC-40 was up 0.9 percent.