Stocks Open Higher; Dow Up 2.49
NEW YORK (AP) _ Stocks opened mostly higher today, with technology shares posting the biggest gain after Intel squeaked past diminished earnings expectations and announced a new cost-cutting plan.
At 10 a.m. on Wall Street, the Dow Jones industrial average was up 2.49 at 9,112.69, down from an early gain of 31 points. The Dow rose nearly 98 points on Tuesday, setting a new high and extending this year’s gain to 15 percent.
Broader stock indicators were mostly positive this morning, with the technology-heavy Nasdaq composite index pushing into record territory for the first time in more than a week.
After Tuesday’s close, Intel reported a 36 percent drop in first-quarter profits that topped Wall Street’s deflated forecasts. The leading manufacturer of semiconductors also announced plans to cut 3,000 jobs in its broadest work force reduction in a decade.
This morning Intel’s stock was up 2 5/16 at 78 5/16 as the most active Nasdaq issue. Among other leading Nasdaq technology names, Dell Computer was up 1 3/16 at 69 13/16, and Microsoft was up 1 at 89 7/16.
Advancing issues outnumbered decliners by a 7-to-6 margin on the New York Stock Exchange, where volume came to 82.77 million shares, up from 67.05 million early Tuesday.
The Standard & Poor’s 500 list was down 1.66 at 1,114.09, and the NYSE composite index was down 0.39 at 580.92.
The Nasdaq composite index was up 15.08, and the American Stock Exchange composite index was up 1.15 at 741.01.
Overseas, Tokyo’s Nikkei stock average rose 0.1 percent. In afternoon trading, Frankfurt’s DAX index was up 0.3 percent and London’s FT-SE 100 was slightly higher.