Dow Closes Up 96.57 at 10,116.28
NEW YORK (AP) _ Stocks were mixed today as traders remained uneasy but looking for bargains after the worst weekly point drop in the history of the Dow Jones industrial average.
The Dow rose 96.57 to close at 10,116.28 after moving between positive and negative territory throughout the session in light trading. Other market indicators, including the Standard & Poor’s 500 index and the Nasdaq composite index, were mixed.
Analysts attributed gains to investors selectively buying stocks that were cheaper after last week’s big drop. Positive earnings reports helped boost prices for some stocks, including several big banks.
Overseas markets closed lower. In London, the Financial Times-Stock Exchange 100 index was down 0.64 percent, while the DAX index in Frankfurt, Germany, closed down 0.54 percent and the CAC index in Paris finished down 0.64 percent.
Asian stock markets were broadly lower. In Tokyo, the benchmark 225 issue Nikkei Stock Average fell 1.9 percent.
The drop in New York last week ``has certainly been the single biggest factor driving the market at the moment,″ Toshihiko Matsuno, deputy manager of the investment advisory office at Tokyo’s Yamatane Securities Co., said today.
The Dow fell 630.05 points, or 5.9 percent, last week to close Friday at 10,019.71, largely on fear that emerging signs of inflation will force the U.S. Federal Reserve to raise interest rates for the third time this year.
It was the Dow’s worst week ever in terms of points lost, and the worst of the decade in terms of percentage. On Friday alone, the average lost 266.90 points, or 2.6 percent.