Dow Pops Higher Into Close on Year's Weakest Volume

Hewlett-Packard and IBM led the Dow back above 11,000, but the move came amid very little trading.
Author:
Publish date:

Most traders and investors put themselves on the physically unable to perform list today, as market players for the most part sat out the session waiting for tomorrow morning's release of the

Consumer Price Index

.

The key inflation data is slated for release at 8:30 a.m. EDT. Overall CPI is forecast to rise 0.3%, while the core CPI, which excludes food and energy prices, is projected to rise 0.2%, according to a

Reuters

poll.

Although most major market averages closed in the green, decliners beat advancers on both the

New York Stock Exchange

and the

Nasdaq Stock Market

. On the NYSE, decliners beat advancers 1,548 to 1,392 on 581 million shares -- the lowest daily volume of the year. On the Nasdaq, losers beat winners 1,975 to 1,900 on 777 million shares.

Hewlett-Packard

(HWP)

and

IBM

(IBM) - Get Report

provided the biggest boosts to the

Dow Jones Industrial Average

. H-P surged ahead of its earnings report, which was released after the close. H-P posted operating earnings of 85 cents a share, ahead of the

First Call

21-analyst estimate of 80 cents.

Internet stocks made solid gains, continuing the task of repairing the severe damage they've suffered lately. Powering

TheStreet.com Internet Sector

index on the upside were

Inktomi

(INKT)

and

RealNetworks

(RNWK) - Get Report

.

On the NYSE, 120 issues set new 52-week lows while 39 touched new highs. On the Nasdaq, 98 issues set new 52-week highs while new lows totaled 58.

On the Big Board,

America Online

(AOL)

was most active with 15.5 million shares changing hands. It was down 2 to 94 7/8. A federal judge said

AT&T

(T) - Get Report

could use phrases like "you have mail" "buddy list" and "IM," which were made famous by AOL. AOL had filed suit against AT&T last December.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active with 28.5 million shares changing hands. It was down 3/8 to 84 5/16.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

.

Earlier...

3:04 p.m.: Downside Drift Continues as Final Hour Begins

Traders are showing as much enthusiasm for trading stocks this afternoon as

Bob Woodward

probably would at covering an apple pie contest at a county fair.

2:01 p.m.: Stocks Soften Ahead of CPI Data

Stocks were softer this afternoon in the wake of Friday's rally as traders look ahead to tomorrow's

Consumer Price Index

data.

1:14 p.m.: Midday Musings: Wall Streeters Satisfied With Meandering Session

12:03 p.m.: Major Indices Improve but Market Internals Don't

Major market gauges were higher late this morning, obscuring somewhat the fact that on the two largest stock markets, decliners were beating advancers.

10:56 a.m.: Session Remains Mixed as Techs Improve

If Wall Street traders had a theme song for what they were doing so far today, that theme song would be

Pink Floyd's

Biding My Time

, because that's exactly what they're doing.

10:03 a.m.: Stocks Trundle Into Week With Muted Opening

Major stock proxies stumbled a little bit early on in the wake of

Friday's rally as the markets await tomorrow's release of the

Consumer Price Index

.