Dow Surges More Than 300 Points
Aug. 06, 2002
%mlink(STRY:; PHOTO:XNYR215-080502; AUDIO:042%)
NEW YORK (AP) _ Bargain hunting lifted stocks Tuesday, sending the Dow Jones industrials up more than 300 points as investors moved in following three sessions of sharp losses.
In morning trading, the Dow rose 307.37, or 3.8 percent, to 8,351.00, after losing 692 points between Thursday and Monday.
Broader stock indicators also surged. The Standard & Poor's 500 index was up 32.90, or 3.9 percent, at 867.50, and the Nasdaq composite index rose 50.88, or 4.2 percent, to 1,256.89.
``After a handful of days of selling off, we were probably due for a little bit of bounce. But this is nothing that you want to start pounding the table and shouting that the new bull market has begun,'' said Charles White, portfolio manager at Avatar Associates.