Blue Chips Post Gain Of 198.25 --- Industrials in 2 Days Recover Friday Loss; Bond Prices Retreat
Correction? What correction?</br></br>The Dow Jones Industrial Average soared 198.25 points, or 1.88%, to 10718.09, on top of a 94.63 gain Monday. The Dow has now recovered in two days all of Friday's 218.42-point loss and more.</br></br>At Friday's close, the industrials were down 11% from their Jan. 14 high, in what Wall Street calls a correction, or a drop of at least 10%. Now the surging blue chips are down just 8.6% from that high. Beaten-down old-industry stocks such as Minnesota Mining & Manufacturing again led the gains, along with financial stocks such as American Express.</br></br>Big technology stocks also staged a recovery, but last year's tech highfliers, such as Qualcomm and JDS Uniphase, didn't keep pace. The Nasdaq Composite Index rose a marginal 0.05%, or 2.22 points, to 4420.77. But that small gain was the product of a huge afternoon recovery; the tech-led Nasdaq had been down as much as 127.45 in the morning and recovered all of its losses before trading ended.</br></br>Bonds fell, and the dollar was mixed.