Stocks drifted in a narrow range Monday after a volatile week as traders awaited profit reports of major US firms.
The Dow Jones industrials rose 45.14 points (0.44 percent) to 10,237.32 and the Nasdaq slipped 12.40 points (0.37 percent) to 3,304.37.
The broader Standard and Poor's 500 edged down 0.24 points (0.02 percent) to 1,373.93.
The announced merger of oil giants Chevron and Texaco was greeted with a rise in Texaco of 2-3/8 to 57-1/2 while Chevron, which is buying its rival, slipped 3-7/16 to 80-13/16.
On the bond market, the yield on the 10-year bond rose to 5.749 percent from 5.715 percent Monday and on the 30-year bond to 5.809 percent from 5.799 percent.
Overall, financial markets were calmer than last week, marked by plunges in the major indexes and a surge in the price of oil amid renewed Middle East violence.
Traders were also awaiting the outcome of a peace summit in Egypt with President Bill Clinton and the Israeli and Palestinian leaders.
Among active issues, Boeing rose 2-1/8 to 60-7/8, Hewlett-Packard 3-1/4 to 93-7/8, IBM 2-13/16 to 111-7/8 and JP Morgan 2-1/8 to 145-1/4.
Elsewhere among blue chips, Wal-Mart advanced 2 to 47.
But in the tech sector, Microsoft slipped 2-1/2 to 51-1/4 and Intel 3-7/8 to 36-1/2.
Bank of America declined 1-7/16 to 45-1/8 dollars after announcing its earnings.
Continental Airlines rose 11/16 to 43-3/16 after announcing positive earnings. – (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)