U.S. Stocks Stem Loss October as Apple Technology Shares Gain
U.S. stocks stemmed losses resulting from their worst October performance in five years amid speculation that third-quarter earnings reports may show the decline went too far.Technology companies such as Apple Computer Inc. rallied in afternoon trading, enabling the market to bounce back from losses after the government reported the biggest increase in import prices since 1990.
“ The market has just been hit so hard,’’said Bart Barnett, head of equity trading at Morgan Keegan & Co. in Memphis, Tennessee. “ The bias is to trade higher.”
The Standard & Poor’s 500 Index lost 0.84, or 0.1 percent, to 1176.84. The Dow Jones Industrial Average slipped 0.32 to 10216.59. The Nasdaq Composite Index was up 9.75, or 0.5 percent, at 2047.22 for its first gain this week, led by Apple shares.
The S & P 500 has declined every day this month except one, retreating 4.2 percent this month for its worst start since October 2000, when it slumped 7.4 percent.
Almost seven stocks fell for every five that rose on the New York Stock Exchange. Some 1.83 one billion shares changed hands on the Big Board, 20 percent more than the three-month average.
Technology Shares
Shares of Apple climbed $ 4.49, or 9.1 percent, to $ 53.74 for the best performance in the S & P 500. The company unveiled a version of the best-selling iPod digital-music player that also shows videos and television programs. The stock retreated 4.5 percent yesterday after Apple reported fourth-quarter revenue that trailed analysts’ estimates.
Lam Research Corp.., The maker of equipment used to build computer chips, added $ 3.55, or 12 percent, to $ 33.75 for the biggest gain in almost 15 months. The company expects profit of 34 cents to 39 cents this quarter, higher than the 31-cent estimate of analysts surveyed by Thomson Financial. Sales of $ 330 million to $ 350 million will also beat estimates.
A gauge of semiconductor-related stocks rallied 1.1 percent for the second-biggest gain among two dozen S & P 500 industry groups. Better-than-expected results from South Korea’s Hynix Semiconductor Inc., The world’s second-largest maker of memory chips, buoyed optimism about the group’s earnings outlook. Texas Instruments Inc., The world’s third-biggest semiconductor maker, added 79 cents to $ 30.89.
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