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Dow, Nasdaq Post Gains, but Close Off Session Highs

Kevin Burke

Blue-chips closed higher Tuesday, but off their session highs, after the personal income figures came in better than expected and the Chicago Purchasing Managers' index fell short of economists' forecasts.

The Dow gained 121.09 points, or 1.16%, to 10,522.81. The Nasdaq finished up 9.28 points, or 0.46%, to 2027.12, and the S&P 500 climbed 6.70 points, or 0.56%, to 1211.22.

Motorola(MOT Quote) lost 34 cents, or 1.79%, to $18.69 today, after reaffirming its revised earnings outlook for the third quarter. The company also held an analysts' meeting today. Mobile phone maker Nokia(NOK Quote) was also active, gaining 18 cents, or 0.83%, to $21.81.

General Electric(GE Quote) was the most active stock on the New York Stock Exchange and fell 10 cents, or 0.23%, to $43.50.

Xtra(XTR Quote), a maker of transportation equipment, traded up $2.42, or 4.63%, to $54.72. Berkshire Hathaway said it would purchase the company for about $590 million in cash. Berkshire is offering $55 for each Xtra share.

The 10-year benchmark Treasury note was up 5/32 to 99 19/32, yielding 5.052%. The dollar was weaker against both the yen and the euro.

In overseas action, European stocks were trading slightly higher, continuing their strong performance for the week. The FTSE 100 was up 82 points, or 1.51%, to 5529. In Japan, the Nikkei 225 rose 282 points, or 2.43%, to 11,861 on the strength of technology stocks. In Hong Kong, the Hang Seng also benefited from a tech rally, gaining 230 points, or 1.9%, to 12,317.