With the exception of the
, the major market indices continued modestly higher as the market rolled into the ever-unpredictable final hour of trading.
Dow Jones Industrial Average
was up 62 to 8064. The
was up 7 to 1050, while the
Nasdaq Composite Index
was up 15 to 1735. The Russell 2000 was down 2 to 368.
The 30-year Treasury bond was recently up 20/32 to 105 23/32, yielding 5.13%.
Despite the nice turnaround in stocks today, some traders weren't entirely convinced the market would hold on the upside.
Jim Herrick, managing director of trading at
Robert W. Baird
in Milwaukee, said he didn't see the turnaround today as a convincing rally. Evidence of that can be seen in the market's breadth, still negative despite the nice gains, he noted.
New York Stock Exchange
, 1,555 decliners were leading 1,400 advancers on 571 million shares.
Nasdaq Stock Market
losers were beating winners 2,176 to 1,702 on 536 million shares.
On the NYSE, 167 issues were at new 52-week lows while 22 were at new highs. On the Nasdaq, 174 issues were at new lows while new highs totaled 13.
Stocks sold off at the open on worries over the
Long Term Capital Management
hedge fund cratering, and traders worried which hedge fund would be next. Herrick said there wasn't any panic during the morning selloff and he added that today's upside hasn't been real feverish either.
Herrick sees the Dow trading in a 7500 to 8200 range for a while.
What does it need to do to break out of that? A lot, considering the amount of variables out there.
The market's got a boatload of worries, including, but definitely not limited to: the prospect of poor corporate earnings; the continuing saga surrounding
; Japan not getting legislation together to heal its sick banking system; and hedge fund nervousness.
"There's a lot of question marks," Herrick said.