Investors Cautious Amid Earnings Jitters
N E W Y O R K, June 4 -- Stocks rose withlate-session buying of blue chips breaking the day's narrowtrading range after investors were reassured by comments oninflation from America's top central banker.
Track Your Stocks | Check Your Portfolio
But amid the lightest trading day of the year, gains in thebroader market were held down by persistent concerns aboutcorporate profits.
The Dow Jones industrial average rose 71.57 points, or 0.65percent, to 11,061.98, according to the latest data, while theNasdaq composite index added 6.53 points, or 0.30 percent, to2,155.97. The benchmark Standard & Poor's 500 index was up 6.45points, or 0.51 percent, to 1,267.12.
"It's very quiet out there today," said Lisa Lynch, headtrader at New York-based Orbitex Management Inc. which manages$1 billion. "Earlier there were Greenspan comments about thetaming of inflation and that's why we were up (more strongly)this morning, but some investors are holding back beforeanalyst meetings."
Earlier in the day, Federal Reserve Chairman Alan Greenspanbolstered investors' optimism after he told delegates at theInternational Monetary Conference in Singapore that he did notsee inflationary pressures in the United States.
In addition, investors worried about what companies willsay during analyst meetings worried some investors, traderssaid. Top online retailer Amazon.com Inc. is expected topresent to analysts on Tuesday, while leading chipmaker Intelwill address analysts on Thursday.
Stocks to Watch
Cypress shares were slightly higher, despite anannouncement that its earnings and revenues would be lower thanexpected amid stalled hopes for recovery in the batteredcomputer chip sector. The gain of 61 cents to $22.21 indicatedthe company's warning had largely been expected, traders said.
A report showing sales of semiconductors were battered thisyear by weakening demand for electronics buffeted the sector.The Philadelphia Stock Exchange's Semiconductor index slipped 0.98 percent after the Semiconductor IndustryAssociation said worldwide sales dropped 4.7 percent in Aprilfrom the month before.
