Stocks gained slightly yesterday as crude-oil prices slid and technology stocks rose. The Dow Jones industrial average rose 34. 07 to 10,634 10,634...
NEW YORK — Stocks gained slightly yesterday as crude-oil prices slid and technology stocks rose.
The Dow Jones industrial average rose 34.07 to 10,634.38.
Microsoft, one of the 30 Dow stocks, advanced 16 cents to close at $27.13 a share. Boeing, also a Dow stock, gained 92 cents to $67.46.
Broader stock indicators were also slightly higher. The Standard & Poor’s 500 index rose 3.48 to 1,233.87, and the Nasdaq composite index rose 10.14 to 2,167.04.
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Wall Street crept forward as oil prices wilted from last week’s record highs, falling more than $1 a barrel in midafternoon trading. A barrel of light crude settled at $66.27, down 57 cents, on the New York Mercantile Exchange.
Technology was one of the stock market’s strongest sectors. Agilent Technologies rose $3.92, or 15 percent, to $30.33 after it said it will sell its chip unit to two buyout firms for $2.66 billion. Apple Computer, Texas Instruments and Qualcomm also boosted the sector.
Volume was light. After the market seesawed last week to the barest of gains, the August doldrums descended on Wall Street yesterday. With earnings season winding down and no dramatic economic releases for the day, traders had little to motivate them.
Fundamentally, the market is still on solid footing, “but of course, somewhere along the line, crude prices at these levels will weigh on economic activity if they don’t come down within a reasonable time,” said Peter Cardillo, chief strategist, senior vice president and market analyst at S.W. Bach.
Apple rose $1.58 to $47.68 after Piper Jaffray named it as top large-capitalization pick for the rest of 2005. Texas Instruments rose 41 cents to $32.20, and Qualcomm rose 67 cents to $41.46.
Earnings at Lowe’s, the nation’s second-largest home improvement retailer, were 20 percent higher than a year ago. Lowe’s shares rose 70 cents to $65.89 after the company’s second-quarter profit surpassed Wall Street’s forecast by 3 cents per share and the company said its third-quarter earnings would be higher than analysts’ current estimates.