The Dow Jones industrial average moved into positive territory for the year yesterday as investors piled back into the market. Wall Street finished the...
NEW YORK — The Dow Jones industrial average moved into positive territory for the year yesterday as investors piled back into the market. Wall Street finished the week mixed, however, as tech stocks lagged the Dow components.
The Dow Jones industrial average rose 46.40 to 10,796.01. It was the Dow’s best showing since Dec. 30.
Microsoft, one of the 30 Dow stocks, slipped 9 cents to close at $25.97 a share, off 1.3 percent for the week. Boeing, also a Dow stock, gained 28 cents to $54.14, up 3 percent for the week.
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Broader stock indicators also moved higher. The Standard & Poor’s 500 index rose up 8.29 at 1,205.30, and the Nasdaq composite index gained 23.56 to 2,076.66. Both remained down for the year, however.
Stocks experienced a volatile week as investors abandoned riskier technology shares and small-cap stock, leaning instead toward large-caps and blue chips. A relative dearth of economic data added to Wall Street’s uncertainty. For the week, the Dow rose 0.75 percent and the S&P climbed 0.19 percent, while the Nasdaq fell 0.48 percent.
A flood of buy orders from institutional traders, impressed with the market’s ability to hold on to last week’s gains, pushed stocks higher. Analysts said the market has nearly recovered from January’s sell-off, but remain split on whether it has the potential to continue its run upward.
“I admit, the market’s acting better than I thought it would,” said Ken Tower, chief market strategist for Schwab’s CyberTrader. “The market was quite oversold over the past few days, and I think we’re bouncing off of that. It remains to be seen, however, whether this can be maintained.”
While earnings have been generally positive, investors have been quick to sell off stocks that fail to meet Wall Street’s forecasts. That selling has overshadowed some of the market’s fundamental strengths, according to Brian Belski, market strategist at Piper Jaffray.
“The current fundamental conditions, and leading conditions going forward, are really forcing portfolio managers to put money to work,” Belski said. “I think the market is set up to exceed expectations for a while.”