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Late Push Helps Dow, Nasdaq Finish Higher

You wouldn't know it by looking at the final numbers, but the major averages were losing ground for the majority of the session.

(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)

, 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) - Get Corning Inc Report

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, on the day after its second-quarter earnings announcement, climbed 13% to $15.56.

Compaq

(CPQ)

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.