US stocks close slightly higher as investors seek bargains
US stocks were up Monday, March 5, in light trading, as investors sought bargains amid expectations the market had hit bottom. The high-tech Nasdaq index gained 25.29 points, or 1.19 percent, to close at 2,142.92, and the Dow Jones was up 95.99 points, or 0.92 percent, to close at 10,562.30.
The broader Standard and Poor 500 index rose 7.23 points to close at 1,241.41.
"We had such a dramatic shrinkage in the valuation of American equities over the past 12 months ... that stock prices probably won't go down much further," said Joe Battipaglia, senior analyst for Gruntal. Shares of computer-chip makers rose despite a number of profit warnings. Vitesse closed up $1-1/4 to $39-1/16, with investors apparently unaffected by the announcement that it will cut its second-quarter earnings forecast to 21-22 cents per share, from 26-27 cents.
LSI Logic, up 0.51 dollars to 16.82, gained even after warning that its first-quarter earnings will be three cents a share, far below a prior estimate of 21 cents. Intel was up $1-1/16 to $30-3/8, AMD rose $1.39 to $23.13, and Micron Technology added $2.91 to close at $39.00. Coca-Cola was down $2.35 to $50.20 a day after the company annouced the resignation of its president, Jack Stahl.
Among retailers, Wal-Mart was down $0.57 to $48.37, while Amazon.com jumped $2-5/8 to close at $12-5/8 after the two companies announced a joint venture agreement.—(AFP)
© Agence France Presse 2000
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