Oh, what a difference a repentant speech from the commander-in-chief make to a skittish stock market.
Continuing their emotional ride, blue-chips reversed course and surged higher while technology and small-cap issues extended their gains as
prayer breakfast delivered a somber, repentant speech ("the sorrow I feel is genuine") before a group of religious leaders.
Dow Jones Industrial Average
was up 33 to 7648. In the broader market, the
was up 5 to 985, while the tech-heavy
Nasdaq Composite Index
was up 25 to 1610. The small-cap
was up 3 to 348.
The major market gauges are, however, all off their session highs.
Meanwhile, the benchmark 30-year Treasury bond was up 11/32 to 104 27/32, yielding 5.18%.
The Dow fell sharply at the open before bouncing off its Aug. 31 lows. The resurgence came during the president's address, in which he apologized again for the pain he has caused and apologized to
and her family.
Lewinsky, as virtually the entire world knows, is the former intern with whom Clinton had an affair, and the events surrounding the affair and its aftermath are the subject of independent counsel
report. The 445-page report was delivered to
Wednesday and is scheduled to be
on the Internet this afternoon. The report is said to contain evidence of possibly impeachable offenses allegedly committed by Clinton.
Meanwhile, some market participants said another underpinning factor for stocks today was the glowing third-quarter revenue picture given by computer chip giant
"It's wild, it really is," Paul Rich, a trader at
, said of the market's morning action.
"You could see this thing turn around on a dime," Rich said, speaking with the Dow up 112. "
But I don't think it's going to last."
New York Stock Exchange
, 1,593 advancers were leading 991 decliners on 234 million shares.
Nasdaq Stock Market
winners were beating losers 1,758 to 1,210 on 214 million shares.
On the NYSE, 220 issues were at new 52-week lows while 5 were at new highs. On the Nasdaq, 122 issues were at new lows while new highs totaled 3.
The good news for technology stocks began after the close yesterday when Intel said it expects its third-quarter revenue to come in 8% to 10% higher than the second quarter's $5.9 billion.
Volume leaders on the Nasdaq included
Rich said trading was busy this morning not only in tech issues but also in the bank sector.