Dow Gains 58.20 in Quiet Trading
NEW YORK (AP) _ Stocks rose today in another calm session, with the Dow industrials and other indexes completing a surprisingly rapid rebound from last week’s bruising tumble.
The Dow Jones industrial average recoevred from an early 25-point deficit and was up 58.20 at 7,747.33 at 3 p.m. That’s about 30 points above its level before last Monday’s 554-point plunge, but still nearly 300 points shy of where the blue-chip barometer stood before the financial turmoil in Southeast Asia boiled over two weeks ago.
Broader stock measures were also posting modest gains today, with technology issues showing some strength after a strong profit report from Cisco Systems, the bellwether of the computer networking sector.
The Dow’s strongest components were Travelers Group, up 2 11/16 at 75 5/8; United Technologies, up 2 1/4 at 73 15/16; and Caterpillar, up 2 1/8 at 54 1/4,
Advancing issues outnumbered decliners by more than a 3-to-2 margin on the New York Stock Exchange, where volume came to 458.44 million shares, up slightly from Tuesday’s brisk pace, but still well below last week’s record-busting levels.
The Standard & Poor’s 500 list was up 7.85 at 948.61, about 7 points higher than its level before last Monday’s slide. The NYSE composite index was up 3.98 at 498.04, about 2 points better than its pre-plunge level.
The Nasdaq composite index was up 9.47 at 1,640.62, led by Cisco, which was up 2 11/16 at 85 15/16. The American Stock Exchange composite index was up 2.52 at 690.89. Both measures, laden with technology issues that generally have greater exposure to Asia’s economic woes, have slightly more ground to recover before they can put their recent troubles behind them.
Overseas, Tokyo’s Nikkei stock average fell 0.3 percent, Frankfurt’s DAX index rose 1.4 percent and London’s FT-SE 100 rose 0.2 percent.