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Computer industry

Stocks Rebound After Two-Day Slide, Dow Above 3900

Strategic Insights

— 1 min read

The Dow Jones industrial average rebounded 12.66 points to 3908.00 on Wednesday, overcoming a two-day slide, as strong gains in Bethlehem Steel and Philip Morris offset another big loss in IBM. The Dow utilities average climbed 3.49 points to 221.46, its biggest one-day gain since November 16, while the New York Stock Exchange composite index rose 1.13 to 262.26. The Standard & Poor's 500-stock index climbed 2.28 to 473.20, and advances topped declines 1,150-865 among the 2,693 issues crossing the NYSE tape.

Key Takeaways:

  • The Dow Jones industrial average rebounded 12.66 points to 3908.00, with Bethlehem Steel and Philip Morris leading the gains.
  • IBM, the second most active Big Board issue, fell another 1 to 56, weighed down by continued weakness.
  • The Dow utilities average climbed 3.49 points to 221.46, its biggest one-day gain since November 16.
  • The New York Stock Exchange composite index rose 1.13 to 262.26, while the Standard & Poor's 500-stock index climbed 2.28 to 473.20.
  • Advances topped declines 1,150-865 among the 2,693 issues crossing the NYSE tape.
  • The Treasury market rebounded from early weakness, with the 30-year bond rising 12/32 to 99 4/32, and its yield falling to 6.32 percent.
  • Analysts attributed the rebound to a late turnaround in bonds, which helped interest rate-sensitive stocks like utilities, and the continued flow of favorable earnings reports and economic activity.

Statistics:

  • The Dow Jones industrial average rose 12.66 points to 3908.00.
  • IBM fell 1 to 56.
  • The Dow utilities average climbed 3.49 points to 221.46.
  • The New York Stock Exchange composite index rose 1.13 to 262.26.
  • The Standard & Poor's 500-stock index climbed 2.28 to 473.20.
  • Advances topped declines 1,150-865 among the 2,693 issues crossing the NYSE tape.
  • Final floor volume slid to 304,660,000 shares from 326,120,000 in the same period Tuesday.
  • Prices ended slightly higher on the American Stock Exchange and the Nasdaq Stock Market.
  • The bellwether 30-year Treasury bond's yield fell to 6.32 percent.

Sources:

  • UPI Business Writer, Frank Sakdalan (no date provided)
  • Bloomberg (no date provided)
  • The New York Times (no date provided)

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