Stocks Push Ahead; Dow Up 73.38
Aug. 12, 1998
NEW YORK (AP) _ Stocks rose pushed forward today, extending Tuesday's late rebound from another 200-point Dow plunge sparked by more signs that the economic crisis in Japan is worsening rather than easing.
At 2 p.m. on Wall Street, the Dow Jones industrial average was up 73.38 at 8,536.23 after rising as much as 101 points earlier.
The Dow finished 112 points lower on Tuesday after rallying back from a 258-point drop that briefly put the blue-chip barometer at its lowest level since February and more than 1,000 points from the July 17 record of 9,337.97.
Broad-market indicators were also posting sizable gains as world markets steadied and investors searched for bargains amid the wreckage of Tuesday's steep decline.
Since mid-July, the market has been stricken with fears that Japan's deepening recession will prevent a recovery in Asia's economic crisis, which has dragged on for an entire year and continues to erode profits at American companies.
The Standard & Poor's 500 index was up 13.36 at 1,082.34, and the technology-heavy Nasdaq composite index was up 31.25 at 1,823.95.
Advancing issues outnumbered decliners by a 3-to-1 margin on the New York Stock Exchange, where volume came to 476.91 million shares, easing from the hectic pace of the past week.
The NYSE composite index was up 6.63 at 544.58, and the American Stock Exchange composite index was up 9.22 at 668.49.
Overseas, Tokyo's Nikkei stock average fell 0.2 percent, Frankfurt's DAX index rose 1.7 percent and London's FT-SE 100 rose 0.5 percent.