(Updated from 2:51 p.m.)
Nasdaq Composite Index came bounding back after withstanding big losses during the past couple of days. And the
Dow Jones Industrial Average climbed to end the trading session near the 11,000 mark.
But today's focus was tech.
gained 12% to $53.88 after it slid yesterday on news that
had slashed its price target. It was the most actively traded stock today on the Nasdaq.
Fiber-optics also made a comeback after recent battering.
was up 14.1% and
was higher by 7.8%. The stocks spent much of last week falling on
disappointing revenue announcement. Other fiber-optics enjoyed the tech turnaround:
, up 11%,
, up 15.9% and
, 17.2% higher.
One big drag was that ever-precocious
, off 15.9%, on reports that
phase out use of Rambus's DRAM chips in its platforms.
Intel helped boost the Dow, but it was
that was the darling of the day. It contributed 37 points to the Dow's total take for the day after
Deutsche Banc Alex. Brown
raised its rating to buy from market perform on J.P. Morgan's merger partner,
Procter & Gamble
first-quarter earnings in line with estimates, but concerns of slowing sales growth pulled the stock down. The consumer giant -- and a member of the Dow index -- lost 7%.
The pull would have been worse if the index didn't have so many supporters, including
. IBM's board authorized an additional $3.5 billion buyback earlier today.
The defensive favorites of yesterday were sagging today, with drugs and gold getting whacked. E-commerce and anything tech were big gainers.
American Stock Exchange Pharmaceutical Index
was 0.4% lower, and the
Philadelphia Stock Exchange Gold and Silver Index
was down 1.8%.
Meanwhile, Internet stocks were having a ball.
gained 11.4%, to $58.63, lifting
TheStreet.com Internet Sector
index to a 7.5% gain.
TheStreet.com E-Commerce Index
was 6.4% higher. It was lifted by components
Philadelphia Stock Exchange Computer Box Maker Index
rose 4.1%, while the
Philadelphia Stock Exchange Semiconductor Index
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After gaining earlier in the day, bonds had recently fallen back.
The benchmark 10-year
Treasury note is at 99 29/32, down 4/32, to yield 5.761%.
New home sales
rose to a seasonally adjusted annual rate of 946,000 in September from 866,000 in August, the fastest rate of sales since February. Mortgage interest rates have been declining steadily since mid-May and stand at their lowest levels in nearly a year.
BTM Weekly U.S. Retail Chain Store Sales Index
chart ) for the week ended Oct. 28 slipped 1.2% after a decline of 0.2% in the prior week.
APICS Business Outlook Index
) for September rose to 53.5 from 49.3 in August.
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