Stocks End Volatile Trading Session in the Black
Stocks were supposed to follow bonds. Bonds were supposed to take their cues from the April
employment report
. But that's not what happened.
Despite by-all-counts benign news on the jobs front, Treasuries ultimately moved into negative, with the long bond dropping 9/32 to 92 2/32, pushing the yield up to 5.813%. That's supposed to be bad news for stocks, but apparently nobody told the stock market that.
The
Dow Jones Industrial Average
added 84.77 to close at 11,031.59.
The
S&P 500
closed at 1345.00, up 12.95.
The
Nasdaq Composite
finished up 31.33 to 2503.61.
The
Russell 2000
tacked on 2.73 to close at 436.11.
TheStreet.com Internet Sector
index climbed to 2.35 to 614.15.
On the
New York Stock Exchange
, advancers beat decliners 1,660 to 1,305 on 816 million shares. On the
Nasdaq Stock Market
, winners beat losers 2,106 to 1,848 on 862 million shares.
On the NYSE, 87 issues set new 52-week highs while 25 touched new lows. On the Nasdaq, 27 issues set new lows while new highs totaled 64.
On the Big Board,
America Online
(AOL)
was most active, with 32 million shares changing hands. It was down 1 7/16 to 118 5/16.
On the Nasdaq,
Microsoft
was most active with 37 million shares changing hands. It was up 1 1/16 to 79 1/16.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Round up.
2:56 p.m.: Stocks Extend Gains Heading Into the Last Hour of Trading
The major indices are running a steeplechase today, with the
Dow Jones Industrial Average
now pulling ahead on the outside rail. And down the stretch they come!
The stock market has stumbled fitfully after the release of a seemingly benign
employment report that the bond market
decided wasn't good enough for a real rally. Lately the 30-year Treasury bond was down 9/32 to trade at 92 2/32, as the yield rose to 5.81%.
IBM
(IBM) - Get Report
was leading the way for the industrials, helping the average bull through the 11,000 barrier during the last hour. The
Dow Jones Industrial Average
was up 62 to 11,008 of late, while IBM rose 5 3/4, or 3% to 215.
Hewlett-Packard
(HWP)
was also strong, rising 2 7/16 to 79 3/4.
The
S&P 500
index was up 11 to 1343. The
Justice Department
said it approved
Bell Atlantic's
(BEL)
$52.8 billion purchase of
GTE
(GTE) - Get Report
, but the merger needs to be reviewed by the
Federal Communications Commission
and state regulators. Shares of Bell Atlantic rose 1 13/16, or 3%, to 57 11/16. GTE was up 2 3/8, or 4%, to 66 5/8.
The Nasdaq was lately up 31 to 2504.
Media Metrix
(MMXI)
, which priced 3 million shares at $17 prior to this morning's open, was lately up 33 15/16, or 200% to 50 15/16.
Adforce
(ADFC)
, another Net IPO, rose 15 13/16 to 30 7/8 in its first day of trading. TheStreet.com Internet index was marginally higher, lately up 2 to 614.
Most active on the
New York Stock Exchange
was
America Online
(AOL)
, up 1/4 to 119 1/2 on 26 million shares. The Nasdaq's most active was
Microsoft
(MSFT) - Get Report
, up 1 1/2 to 79 7/16 on 19 million shares.
On the New York Stock Exchange, advancers were leading decliners by a count of 1,531 to 1,379 on 623 million shares. Winners were in the lead on the Nasdaq also, as advancers trailed decliners by 1,940 to 1,885, on 668 million shares.
--
David A. Gaffen
1:58 p.m.: Stocks Struggle to Remain Positive in Choppy Trading
Mixed performance remained the only certainty in marketland this afternoon, with tech stocks lately showing some signs of strength while the
Dow Jones Industrial Average
struggled around break-even.
The Dow was up 11 to 10,959, down from its session high of 11,003.24 but up from its low of 10,933.65. The
Nasdaq Composite Index
was up 22 to 2494, well off its low of 2462.27.
IBM
(IBM) - Get Report
was leading the Dow, up 4 15/16 to 214 3/16 after
SoundView Technology Group
forecasted a strong second quarter for Big Blue and said it might raise earnings estimates.
The
S&P 500
was up 4 to 1336, the
Russell 2000
was up 1 to 435 and
TheStreet.com Internet Sector
index was up 1 to 613.
The bond market continued to lurch drunkenly (not to cast aspersions on you bond traders), with the benchmark 30-year Treasury off 9/32 to 92 3/32. Its yield was up to 5.81%, continuing to establish a new top end to the yield range. The lighter-than-expected April
employment report spurred early strength in fixed-income, but continued spillover from
Fed
Chairman
Alan Greenspan's
comments yesterday has roiled the market.
New York Stock Exchange
decliners were just barely nudging past advancers, 1,441 to 1,410, on 537 million shares. On the
Nasdaq Stock Market
, 1,872 decliners were leading 1,861 advancers on 578 million shares. New 52-week highs were outpacing new lows 63 to 19 on the Big Board and 51 to 23 on the Nasdaq.
Most active on the NYSE was
America Online
(AOL)
, down 5/8 to 119 1/8 on 24 million shares.
Microsoft
(MSFT) - Get Report
was the Nasdaq's most active issue, up 1 1/4 to 79 5/16 on 16 million shares.
--
John J. Edwards III
1:12 p.m.: Midday Musings: Jobs-Report Excitement Yields to Uncertainty
12:15 p.m.: Stocks Mostly Higher After Jobs Data
Trends are lasting about two minutes each today, but, approaching midday, the market looked as if it was starting to take the
Labor Department's
nonthreatening
employment report to heart.
After surging at the open and then shyly backing all the way into shallow negative territory, the
Nasdaq Composite Index
lately was up 13 to 2486.
Intel
(INTC) - Get Report
was leading the index's bellwethers, up 1 3/8 to 61 1/16.
Small-cap issues were near break-even, with the
Russell 2000
and
S&P SmallCap 600
both fractionally lower. Internet stocks were looking flat, with
TheStreet.com Internet Sector
index up fractionally at 612.
The
Dow Jones Industrial Average
and the
S&P 500
were up 25 to 10,972 and 6 to 1338, respectively.
The bond market was climbing back from a strange, quick early selloff this morning. The benchmark 30-year Treasury was up 6 to 92 18/32, its yield dropping to 5.78%.
Market internals weren't telling any tales.
New York Stock Exchange
decliners were leading advancers 1,416 to 1,308 on 388 million shares. On the
Nasdaq Stock Market
, 1,708 advancers were trailing 1,769 decliners on 404 million shares.
Most active on the NYSE was
America Online
(AOL)
, up 1 to 120 3/4 on 19 million shares.
Microsoft
(MSFT) - Get Report
was the Nasdaq's most active issue, with 11 million shares changing hands. It was up 13/16 to 78 3/4.
Tech Focus
The
Philadelphia Stock Exchange Semiconductor Index
was leading the major tech indices, up fractionally. The
Morgan Stanley High-Tech
was also up fractionally.
Computer hardware maker
Qlogic
(QLGC)
was burning up the Nasdaq, up 16 5/8 to 92 1/2 after the company last night posted first-quarter earnings of 45 cents a share, a nickel above the 6-analyst
First Call
consensus and well up from the previous year's 23 cents.
Network connectivity firm
Emulex
(EMLX)
was also on fire, up 10 5/8 to 59 1/16. An Emulex spokesman attributed the action to the company's roadshow for its upcoming 2.1 million-share secondary offering.
Thomas Lepri
10:55 a.m.: Stocks Modestly Higher in Volatile Trading
If your broker tells you he understands what's going on in the market today, you might consider quietly moving your account someplace else.
"I'm so baffled about the whole thing," said Ned Collins, executive vice president of U.S. stocks at
Daiwa Securities America
.
There are simply too many cross-currents out there, and the action is far to choppy, for anyone to really know. The trading is most bizarre in the Treasury market, which has gone all over the place in reaction to an April
jobs report
that should have been unambiguously bond friendly. But the long bond's been all over the place. Up as much as 29/32, down as much as 14/32, it was lately up 9/32 to 92 22/32, dropping the yield to 5.77%.
And the stock market has been following the Treasuries around all morning. Which is to say that it's up. The stocks that performed the worst yesterday -- tech and other growth issues -- are faring the best, while things like the cyclicals, which yesterday posted gains, are acting like also-rans.
The
Dow Jones Industrial Average
was up 13 to 10,960 and the S&P 500 was up 5 to 1337. The tech-buoyed
Nasdaq Composite Index
was up 10 to 2482.
TheStreet.com Internet Sector
index was up 1 to 613. The
Russell 2000
was up 1 to 434.
And so the market continues to defy those who expect a correction. "A lot of people are trying to wish the market down," said Collins. "But somehow it doesn't seem to want to comply with any wishes"
--
Justin Lahart
10:04 a.m.: Stocks Climb on Jobs Data
A market-friendly April
employment report has Wall Street's major stock indices trending higher, but the battered bond market still can't get much going.
The benchmark 30-year Treasury jumped just after the 8:30 a.m. EDT jobs release but lately was up just 3/32 to 92 14/32, its yield at 5.79%.
The
Dow Jones Industrial Average
was up 19 to 10,965 and the
S&P 500
was up 5 to 1337. The tech-spiced
Nasdaq Composite Index
was up 23 to 2496.
TheStreet.com Internet Sector
index was up 13 to 625. The
Russell 2000
was up 2 to 435.
Most Up at Open -- NYSE
Sterling Commerce (SE) - Get Report, up 3 1/8 to 36 1/8:
The company late
yesterday posted earnings in line with expectations;
Warburg Dillon Read
today upped it to buy from hold.
Most Up at Open -- Nasdaq
QLogic (QLGC) , up 11 1/2 to 87 3/8:
The company late yesterday reported stronger-than-expected earnings.
Most Down at Open -- NYSE
Newmont Mining (NEM) - Get Report, down 3 1/16 to 23.
Most Down at Open -- Nasdaq
VerticalNet (VERT) , down 2 1/8 to 100 1/8.
--
John J. Edwards III
