Stocks bounced to a mixed finish in New York yesterday as strong corporate earnings and soaring bond yields prevented the market from charting any clear course. At the close of a volatile session on Wall Street, the Dow Jones industrial average was up 54.45 at 10,286.61.
The Dow had been lower for much of the morning, but also rose as much as 110 points above Wednesday's close before giving up ground.
Broader stock indicators ended mixed. The Standard and Poor's 500 index was down slightly, while the Nasdaq composite index managed a slight gain. Declining issues outnumbered advancers by an eight-to-five margin on the New York Stock Exchange, with 1,840 down, 1,157 up and 538 unchanged. NYSE volume totalled 879.28 million shares, against 813.78 million in the previous session.
Stocks initially fell yesterday after the US Commerce Department issued what appeared to be a report of moderate September retail sales. Total retail sales rose just 0.1 per cent. But excluding the volatile car category, retail sales rose a brisk 0.6 per cent in September. Many analysts were expecting a 0.5 per cent gain.
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