Stocks Bounce Back Amid Bargain Hunting

Strategic Insights -

As traders continued their shift from the tech sector to the broader market, the Dow Jones Industrial Average rose above 10,000, eventually peaking at 10,180 and closing up 3.26 percent to 10,131.41. General Electric led the surge with a 6 9/16 gain, while J.P. Morgan and United Technologies also saw significant increases. However, the Nasdaq suffered its third consecutive down day, with chip makers and Internet stocks taking a hit.

Key Takeaways:

  • The Dow Jones Industrial Average rose 320.17 points, or 3.26 percent, to close at 10,131.41.
  • General Electric led the surge, climbing 6 9/16 to 133 9/16.
  • J.P. Morgan and United Technologies also saw significant gains, rising 6 7/16 and 4 13/16 to 117 1/2 and 57 1/8, respectively.
  • The Nasdaq suffered its third consecutive down day, dropping 123.95 points to close at 4,582.68.
  • Chip makers and Internet stocks, such as Yahoo! and eBay, took significant hits, with NBC making substantial losses.
  • Oracle was a bright spot, rising 1 5/8 to 78 5/8 on the strength of a strong earnings report.
  • Genome stocks rebounded somewhat after being hit hard by the news that the US and Britain wanted to open up research results to all scientists.

Statistics:

  • The Dow Jones Industrial Average rose 320.17 points, or 3.26 percent, to close at 10,131.41.
  • The Nasdaq dropped 123.95 points to close at 4,582.68.
  • General Electric rose 6 9/16 to 133 9/16.
  • J.P. Morgan rose 6 7/16 to 117 1/2.
  • United Technologies rose 4 13/16 to 57 1/8.
  • Oracle rose 1 5/8 to 78 5/8.

Sources:

  • UPI (March 15)