Yesterday, the Dow Jones Industrial Average added 44.95, or 0.3%, to 13566.97. The S&P 500 increased 5.70, or 0.4%, to 1506.33. The Nasdaq Composite Index gained 28.77, or 1.1%, to 2753.93.The Nasdaq jumped more than 1% yesterday, pulling the rest of the market higher, despite lingering worries about the economy and corporate profits.
All day, the major indexes swung from positive to negative territory, although the Nasdaq performed better on the whole than the Dow or S&P 500.
After opening sharply lower, all three major indexes hit their stride in the early afternoon and advanced. That turnaround may have been partially attributable to a speech by Fed governor Randall Kroszner, said Charles Rotblut, of Zacks Investment Research. Mr. Kroszner said the Fed would "act as needed" to support the functioning of markets and foster growth, suggesting a rate cut at its next policy meeting on Oct. 30-31. The rally later lost steam, save for the Nasdaq -- but then turned around again before the market close.
Apple earnings, reported yesterday after the closing bell, would probably set the tone for trading in the sector today.
The computer maker reported a 67% jump in net income and strong sales of its new iPhone and iPod players. Its shares rose $9.63, or 5.5%, to $183.99 in after-hours trade. Texas Instruments, on the other hand, saw its shares fall $1.27, or 3.7%, to $33. Revenue rose 7% from the previous quarter, but fell 3% from the same period a year ago. Third-quarter net income rose 11%.
