Bargain-hunting and a stronger dollar sparked a modest recovery from last week's Wall Street sell-off.
The Dow Jones industrial average rose 24.06, to 10,303.39, halting a four-day retreat, but finished well below its highs of the day. The index of 30 blue-chip companies had been up as much as 123.16 points this morning.
The Standard & Poor's 500-stock index rose 5.95, to 1283.31, and the Nasdaq composite index rose 21.34, to 2761.75.
Last week, the Dow fell a total of 524.30 points, its biggest weekly point loss ever. That plunge left the Dow 1,046.71 points, or 9.2 percent, below its record close of 11,326.04, set Aug. 25. But with today's lift, it is up more than 12 percent this year.
The technology-heavy Nasdaq composite index lost 129.21 points last week but is still up nearly 26 percent for the year.
Last week's heavy sell-off created many undervalued stocks, which investors scooped up today, said Bryan Piskorowski, a market analyst at Prudential Securities.
"This is a technical kind of dead-cat bounce," he said. The Wall Street term applies to a modest rebound from a steep fall.
The rising value of the dollar against the Japanese yen also improved the mood among investors.
The dollar, which fell to a 3 1/2-year low against the yen earlier this month, rose sharply today on indications that Japan will work to stop the dollar's recent slide with support from other industrialized nations. A strong dollar makes U.S. securities more attractive to foreign investors.
Richard Cripps, chief market strategist at Legg Mason in Baltimore, said investors seem to be going back to technology stocks. That could be seen on the Nasdaq, where Intel jumped 2-33/64, to 78-3/16, and Sun Microsystems rose 3 3/4, to 93-15/16. But not all technology shares advanced. Dow component IBM fell 2, to 123.
Leading the Dow higher were Johnson & Johnson, up 2 at 92 and Procter & Gamble, up 2-1/16 at 99 3/8.
Mining stocks also bolstered the stock market as gold bullion posted its biggest daily gain in 13 years. Gold producers benefited after European central banks said they will limit bullion sales.
Internet stocks were mixed, with eBay down 7-5/16 at 138 3/4 and America Online up 3 5/8 at 101 1/8.
Financial services stocks were weak as long-term interest rates climbed back above 6 percent. Dow component JP Morgan was down 4-3/16 at 112-13/16, and Chase Manhattan fell 1 1/4, to 74 1/8.