Market Pulls Off Solid Session on Big Volume
The
Dow Jones Industrial Average
outperformed the rest of the stock market, reversing big losses suffered early on.
The Dow ended up 152.17, or 2%, to 7784.69. The
S&P 500
was up 16.21, or 1.6%, to 1002.60. The
Nasdaq Composite Index
rose 2.65, or 0.2%, to 1614.98, while the small-cap
Russell 2000
dropped 0.33, or 0.1%, to 349.71.
Meanwhile, the 30-year Treasury bond was recently up 20/32 to 110 9/32, yielding 4.85%.
The Dow traded in a wide range today. This morning it hit a low of 7530.31 and this afternoon it surged as high as 7818.16.
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For the market's turnaround, market participants cited in part soothing comments from
President Clinton
and technical factors.
Lurking in the background, however, were pessimism over the global economy, worries over the future of the U.S. economy and concern about corporate profits.
On the
New York Stock Exchange
, 1,738 advancers led 1,286 decliners on 902.9 million shares.
Nasdaq Stock Market
losers beat winners 2,136 to 1,926 on 873.8 million shares.
On the NYSE, 259 issues hit new 52-week lows while 87 hit new highs. On the Nasdaq, 358 issues were at new lows while new highs totaled 10.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
.
