Comeback Sends Dow Up 85; Nasdaq Off
Blue-chip stocks broke a three-day losing streak in a volatile day on Wall Street as investors looked for bargains and shunned usually hot technology stocks.</br></br>The Dow Jones industrial average, which had been down as much as 115 points early in the day, rallied in the afternoon to close up 85.32 at 10,304.84.</br></br>The technology-focused Nasdaq composite index, however, was unable to shake off concerns about interest rates and fell 29.62, to 4382.12. The Standard & Poor's 500-stock index rose 6.08, to 1352.17.</br></br>Today's performance was a marked change from the recent trend on Wall Street that has pushed the Nasdaq up more than 8 percent this year and the Dow down 11 percent.</br></br>"What you are really seeing today is what has been oversold, the Dow, is coming back. And what was overbought, the Nasdaq, is having a correction," said Rao Chalasani, chief investment strategist at First Union Securities in Chicago.