Super Wednesday? Good Enough, Say Longs, as Major Indices Rise

SAN FRANCISCO -- In the wake of yesterday's big market losses and George W. Bush's big victory in the primaries, conservatism was in vogue today as traders voted for blue-chips. But there was compassion for the Nasdaq Composite Index, too, as the tech proxy recovered from some steep midmorning losses to close modestly higher.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 60.50 +0.6% 9856.53 -14.3% S&P 500 11.10 +0.8% 1366.53 -6.9% Nasdaq 49.55 +1% 4897.39 +20.3% Russell 2000 0.79 -0.1% 594.68 +17.8% TSC Internet 38.71 +3.1% 1288.01 +11.6% NOTE CHANGE PRICE YIELD 10-Year Treasury 1/32 100 28/32 6.381%

The action was embodied by drug stocks, which rose from a pronounced slump as investors went searching for value. Leading the way were Bristol-Myers Squibb (BMY Quote), up 10.1%, and Schering-Plough (SGP Quote), higher by 10.9%; PaineWebber upped recommendations on each. The American Stock Exchange Pharmaceutical Index rose 5.9%.

Meanwhile, investors were encouraged as crude prices declined 8.9% to $31.10 a barrel after OPEC hinted higher production is forthcoming. ...