Dow up 24
as interest rates fall

NEW YORK - Blue-chip stocks turned higher today as the bond market ended a short slump, sending interest rates low enough to overshadow some disappointment over some major profit reports.

The Dow Jones industrial average swung from an early 40-point gain to a 53-point loss before reversing course in the afternoon, rising 24.07 to close at 8,096.29.

Advancers outnumbered decliners by a narrow margin on the New York Stock Exchange, with 1,451 up, 1,420 down and 555 unchanged. NYSE volume totaled 510.34 million shares vs. 351.21 million during yesterday's sluggish holiday trading.

The Standard & Poor's 500-stock list rose 2.18 to 970.28, and the NYSE composite index rose 1.17 to 508.57. The technology-heavy Nasdaq composite index fell 9.33 to 1,732.79.

The Russell 2000 index of smaller companies fell 1.24 to 463.97, snapping a three-session streak of record highs. The American Stock Exchange composite index, which is dominated by smaller companies, fell 1.78 to 714.79.

As bonds rose today, the yield on the 30-year Treasury fell as low as 6.36 percent from late Friday's 6.42 percent. The Treasury market was closed for Columbus Day on yesterday. The long-bond yield, a key determinant of borrowing costs, had fallen to a 11/2-year low of 6.23 percent last week, but jumped higher as inflation jitters hit the market.

Technology shares posted some of the day's steepest losses as some seemingly robust third-quarter results from Texas Instruments failed to set a positive tone.