Rally Weakens as Final Hour Kicks Off

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Hang on, 'cause here we go. The final hour of trading.

Recently, the

Dow Jones Industrial Average

was up 59 to 7886 butlosing steam, well off its intraday high of 7952.56. The blue-chip measure is within sight of pulling back even for the year, needing to match 7908.25.

The

S&P 500

has gained 9 to 1003, the

Nasdaq Composite Index

has risen 36 to 1611 and the small-cap

Russell 2000

has enjoyed a gain of 7 to 355.

The Treasury market, however, is still a touch weaker today. The 30-yearTreasury bond was down 2/32 to 102 8/32, yielding 5.35%.

On the

New York Stock Exchange

, advancers were beating decliners2,039 to 1,050 on volume of 695 million shares, while on the

Nasdaq Stock Market

,advancers were beating decliners 2,701 to 1,611 on volume of 726 million shares.

On the NYSE, 206 issues have made new 52-week lows while only 14 made new highs.On the Nasdaq, 313 new lows have been hit while new highs totaled 9.

Despite today's gains, a cautious view remains prevalent in the market.

"I think traders want to stay light and remain flexible," said Peter Coolidge, managing director of equity trading at

Brean Murray Foster Securities

. "I think there's a feeling out there that we might not have bottomed."

He said investors have come back into the market beginning yesterday with the big rally and somewhat today, but overall not with the enthusiasm he's seen in the wake of past corrections.

One market current Coolidge said he took note of today has been the fact that small-cap stocks are "starting to snap back a little bit" and have outperformed other sectors of the market.