NEW YORK REPORT: Stocks rose yesterday, snapping the longest blue-chip losing streak since last September, but chronic fear about weak or misrepresented corporate earnings returned to squelch a giant morning rally.
Dow Jones Industrial Average: 8,542.48 (+69.37)
The Dow Jones Industrial Average rose 69.37 points, or 0.82 per cent, to 8,542.48, according to the latest data, ending a seven-session drop that subtracted nearly 910 points, or 9.7 per cent, from the 30-stock average. Earlier yesterday, the Dow shot 250 points higher.
The broader Standard & Poor's 500 Index, which on Tuesday closed at a low unseen since August 1997, gained 4.97 points, or 0.55 per cent, to 906.02. The technology-laced Nasdaq Composite Index added 21.86 points, or 1.59 per cent, to 1,397.12.
The market's gain was paced by tech shares that moved higher on Intel's quarterly earnings report. Intel was among the most active Nasdaq stocks and climbed $1.08, or 5.88 per cent, to $19.44 after posting earnings that more than doubled from the year-ago quarter.
- (Reuters)
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