Stocks Turn Higher; Dow Up 25.75
NEW YORK (AP) _ Stocks turned higher by midday, erasing modest losses, as an uncertain profit outlook continued to handcuff the market after two weeks of big gains.
At noon on Wall Street, the Dow Jones industrial average was up 25.75 at 8,478.04 after meandering between an early 25-point gain and a 44-point loss.
Broader stock indicators also wiped out some early losses, with the Russell 200 index of smaller companies rising for the ninth consecutive session.
The Nasdaq composite index was posting the biggest gain, rising 19.62 to 1,713.48 as bellwether technology shares pushed higher after a one-session setback.
On Friday, small-company stocks extended their rebound, but most market measures snapped a seven-session winning streak, as investors took some profits after two weeks of nearly continuous gains. The Dow fell 80 points, its biggest decline in three weeks, to shrink last week’s gain to 35 points.
The flow of third-quarter reports remained generally encouraging today with forecast-topping results from Dow components AT&T and Union Carbide. AT&T was up 1 1/16 at 64 7/8, but Union Carbide was down 13/16 at 39 as the chemical maker warned of weakness in the current quarter.
Advancing issues outnumbered decliners by a 4-to-3 margin on the New York Stock Exchange, where volume came to 268.48 million shares, down from Friday’s modest pace.
In other trading today, the Standard & Poor’s 500 index was up 6.53 at 1,077.20, the NYSE composite index was up 2.63 at 532.45, and the American Stock Exchange composite index was up 4.36 at 632.57.
Overseas, Tokyo’s Nikkei stock average fell 2.1 percent, Frankfurt’s DAX index rose 2.8 percent, London’s FT-SE 100 rose 0.3 percent, and Paris’ CAC-40 rose 1.6 percent.