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Archive for Saturday, October 27, 2001

Investors cautious, stick with blue chips

October 27, 2001

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— Wall Street half-heartedly extended its rally Friday, sending blue chips sharply higher but selling high-tech issues as worries about earnings reappeared.

At one point, the advance put the Dow Jones industrials within 30 points of the level they held before the terrorist attacks, but the index gave back some of its gains late in the session. Investors' focus on blue chips showed they prefer to remain cautious amid political and economic uncertainty.

The Dow closed up 82.27 at 9,545.17, adding to a 117-point advance on Thursday. For the week, the Dow climbed 341.06, or 3.7 percent.

Broader stock indicators were mixed. The Standard & Poor's 500 index rose 4.52 to 1,104.61. It ended the week up 31.31, or 2.9 percent.

The Nasdaq composite index fell 6.51 to 1,768.96 Friday. For the week it rose 97.65, or 5.8 percent.

Both indexes already have surpassed their Sept. 10 closing levels.

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