Dow Up 2; Nasdaq Gains 31
NEW YORK (AP) _ Stocks were mixed this morning as a handful of big gainers kept major indicators higher even while declining stocks outnumbered rising ones.
General Motors and Intel were both substantially higher, helping to keep the Dow Jones industrial average in positive territory. The Dow was up 1.83 points at 11,057.41 in late morning trading.
Broader indicators were also higher. The Nasdaq composite index was up 31.16 at 3,972.03 and the Standard & Poor’s 500 index rose 1.69 points at 1,497.76.
General Motors shares were up sharply after news broke that prominent financier Carl Icahn intends to buy more than $15 million of the company’s stock. GM was up $3.625 at $69.063.
Tech bellwethers continued their upward momentum from the day before. Intel was up $2.313 at $72.375 and Sun Microsystems, which declared a 2-for-1 stock split Thursday, rose $3.75 to $123.188. Texas Instruments rose $2.688 to $70.188.
SBC Communications was off $2.313 at $39.25, a day after news came out that the Texas-based phone company is being accused in a lawsuit of intentionally slowing the speed at which customers can connect to the Internet.
Trading has been relatively light in recent days, with many investors on vacation or looking ahead to next Tuesday’s Federal Reserve meeting. Investors are hoping that the Fed has finished with its credit-tightening campaign and will leave interest rates alone for the time being.
Declining issues outnumbered advancing ones by a 5 to-4 margin on the New York Stock Exchange, where volume came to 294.46 million shares, up from Thursday’s pace.
The Russell 2000 index was up 0.75 points at 517.21.
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