Late Push Helps Dow, Nasdaq Finish Higher

(Updated from 3:46 p.m. EDT)

Blue-chips rallied in the last hour of trading after being smacked around for most of the day. This morning's durable goods report, which came in weaker than expected, and a warning from Dow component Hewlett-Packard(HWP Quote), kept buyers at bay for the majority of the session.

The Dow recently closed up 49.9 points, or 0.5%, to 10,455.63. The Nasdaq gained 38.6 points, or 1.9%, to 2022.96, and the S&P 500 finished ahead by 12.4 points, or 1%, to 1202.90.

Corning (GLW Quote), on the day after its second-quarter earnings announcement, climbed 13% to $15.56. Compaq(CPQ Quote) was up 2.7% to $14.50 even though the PC maker's woes continue. Rival hardware maker Hewlett-Packard fell after its comments about a bleak third quarter. Shares of H-P traded down 6.5% to $24.

The 10-year benchmark Treasury note recently rose 9/32 to 98 29/32, yielding 5.148%. In currency action, the dollar was stronger against the euro and the yen.

In London, the FTSE-100 index gained 10 points, or 0.2%, to 5286. In Japan, the Nikkei 225 fell 33 points, or 0.3%, to 11,858.56. In Hong Kong, the Hang Seng dropped 174 points, or 1.4%, to 12,039.82, the index's lowest close since April 1999.