Stocks rose yesterday, but again gave back sizeable gains, as early buying on Intel's suggestion of better days ahead for the withered personal computer industry faded and chronic investor worry about the economy returned.
The Nasdaq Composite Index rose 19 points to 2,087.38. It marked the sixth up day out of the last seven. Earlier, the Nasdaq traded to a session high of 2,103.16. The Dow Jones Industrial Average added 41.17 points to 10,551.18, and the Standard & Poor's 500 index added 4.82 points to 1,220.75.
In the past three trading sessions, the market has finished well below highs reached during morning rallies.
Mr Craig Barrett, president and chief executive of Intel, said the personal computer industry has bottomed out and that demand for PCs should rebound in the second half of 2001. But he noted a fullblown rebound depended on the global economy recovering.
Intel, one of the 30 stocks in the Dow average, rose $1.36 to $32.11. The world's leading chip maker ranked as the most active issue on the Nasdaq.