Stocks Post Modest Gains

The stock market ended a strong week with more signs of vigor today as blue chip and technology issues rebounded from early losses to close with a moderate advance.

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Analysts said the market's ability to reverse direction and extend its gains was another sign that Wall Street is recovering from its long slump.

The Dow Jones industrial average rose 53.16 to 11,301.74, according to preliminary calculations, giving the index a more than 375-point advance over the past three session. This was also the Dow's highest close since Sept. 6, when it reached 11,310.64.

Broader stock indicators also closed higher. The Standard & Poor's 500 index gained 3.47 to close at 1,291.96, while the Nasdaq composite index rose 5.21 to 2,198.89.

Turns Higher in Final 15 Minutes

Trading was light and choppy throughout the session, although stocks turned decisively higher during the last 15 minutes of trading.

"Today was remarkably unexciting compared to the fireworks we've become accustomed to, but that's a good thing," said Bob Streed, portfolio manager of Northern Select Equity. "The fact you'd have a week as strong as we did without a big correction is very encouraging."

In technology, trading tended to be company-specific. Cisco Systems rose 34 cents to $20.20, while Dell Computer dropped $1.09 to $24.79 after reporting first-quarter results in line with expectations but warning that second-quarter revenue might fall.

Energy-related stocks fared better, reflecting rising oil prices. Schlumberger was up 54 cents at $68.53. Investors also were interested in McDonald's, sending the fast-food chain up $1.30 to $29.80.

And embattled technology company Lucent rose 12 cents to $9.93 on rumors it was being eyed for acquisition by Alcatel, which fell $1.89 to $30.15.

Dow Back Above 11,000

The late turnaround was a positive end to a week that saw the Dow close above 11,000 Wednesday for the first time since September. The Nasdaq also recorded some strong, although not as spectacular, gains.