Dow Pops Higher Into Close on Year's Weakest Volume
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
.
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
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and
IBM
(IBM)
TheStreet Recommends
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)
.
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)
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)
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
.
