Markets: Stocks Close Seesaw Day Higher

N E W  Y O R K, June 20, 2001 -- Stocks ended the day higher, concluding on the upswing a session with mixed corporate news, as positive comments from AOL Time Warner and Bear Stearns, among others, carried the day.

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The Nasdaq composite index gained 38.50 points, or 1.93percent, to 2,031.16, according to the latest data, while theDow Jones industrial average added 50.66 points, or 0.48percent, to 10,647.33. The benchmark Standard & Poor's 500index rose 10.56 points, or 0.87 percent, to 1,223.14.

"Not all the news out there is negative, or at least not asnegative as people had feared," said Steve Fossel, a portfoliomanager for Berger Associates, which oversees $8 billion.

AOL Lifts Media Stocks

Internet and media giant AOL Time Warner Inc. boosted mediastocks after AOL's chief executive told Reuters at a conferencein France that advertising revenues were stabilizing and thecompany remains on track to meet its 2001 financial targets.The stock rose $2.96, or 5.9 percent, to $52.80.

Bear Stearns, one of Wall Street's top firms,said its second-quarter operating earnings fell 21 percent fromlast year's near-record levels, but beat expectations as astrong bond market helped limit the damage from the beatingmeted out to its investment banking and stock trading. Thestock gained $1.77, or 3.3 percent, at $55.13.

Leading the bad news was Tellabs. Thetelecommunications equipment maker fell $5.16, or 24.3 percent,to $16.04, after warning it would miss Wall Street earningsestimates by a wide margin due to a big drop in sales.

Tuesday’s Markets

On Tuesday, Oracle's profit announcement provided a briefreprieve from the recent parade of grim earnings forecasts thathave pummeled Wall Street. It was not enough to wipe awayjitters completely, however, and by late afternoon, the rallyhad lost steam amid persistent worries about America'scorporate profit meltdown.

The Nasdaq composite index initially jumped morethan 3 percent but finished with a gain of just 4.03 points, or0.2 percent, at 1,992.66. The tech-heavy market broke its firstseven-session losing streak since December, 2000, according toMarketHistory.com.

The blue chip Dow Jones industrial average fell48.71 points, or 0.46 percent, to 10,596.67, pressured by adrop in Honeywell.

The Standard & Poor's 500 Index clung to a slim gainof 4.15 points, or 0.34 percent, at 1,212.58.

The Associated Press and Reuters contributed to this report-->