Dow Up 67, Nasdaq Gains 6
Jun. 20, 2003
NEW YORK (AP) _ Stock prices are higher in heavy, early trading. The Dow Jones Industrial Average is up 67 points in today's early going. Advancing issues on the New York Stock Exchange hold a 3 to 1 lead over decliners.
The Nasdaq Composite Index is ahead 6 points and the Standard & Poor's 500 Stock Index is up 5 points.
Early trading volume is getting a boost from so-called ``quadruple witching'', which includes the quarterly expiration of index futures and index and stock options. The influence can also add to volatility not only during the session, but also in the days ahead of it.
There was some good news for investors today, provided by General Electric. A day after a number of Wall Street brokerages cut their earnings expectations for GE, the company re-affirmed guidance for the quarter and the full-year.
And another member of the Dow 30, General Motors announced it would work to strengthen its balance sheet, by offering about $10 billion in debt and other securities. The goal is to improve financial flexibility and help fund its pension plans.
The financial soap opera involving a hostile bid in the software business takes another twist. PeopleSoft is urging shareholders to reject Oracle Corporation's unsolicited $6.3 billion bid. It is again citing the risk of regulatory objections to the deal.
And perhaps more telling, the PeopleSoft board said the latest offer of $19.50 a share is too low.
Key markets across Europe have been seeing higher stock prices so far today.
Bond prices are lower. The price of the 10-year Treasury is down a-quarter of a point, while the yield is up to three-point-37 percent.