Stocks moved higher today, reviving after four straight drops in the Dow Jones industrials sent some investors on a search for bargains.
At 3 p.m., the Dow was up 53.82 at 10,883.10.
Broader stock indicators were also higher. The Standard & Poor's 500 index was up 3.67 at 1,324.08, and the Nasdaq composite index was up 8.08 at 2,747.43.
The Dow began the day nearly 500 points below its record close of 11,326.04 reached just last Wednesday. While traders expect the big decline to lure some buyers, few market analysts expect a major rally any time soon.
"The market has likely set the table for a rocky month of September," said Brian Belski, chief investment strategist at George K. Baum & Co., citing a lack of market leadership and the persistent worries about higher interest rates.
Still, some strength today came from technology issues.
Intel advanced 2 3/4 to 84 1 5/1 6, and was the most active stock. Intel introduced 13 chips, including a network processor for switches and routers, designed to make it cheaper and easier to build the powerful equipment needed to speed data along the Internet.
Intel's push into the nascent networking equipment market had a mixed effect on its potential rivals. MMC Networks Inc., which stands to lose business from International Business Machines Corp. and Cisco Systems Inc., tumbled 5 1/4 to 25 5/8 . Motorola Inc. fell 1 5/8 to 90 5/8 . PMC-Sierra Inc. gained 1 7/8 to 94 7/8 . Broadcom Corp. rose 1 3/1 6 to 129 1 5/1 6. Lucent Technologies Inc., whose line of telecommunications products include networking chips, rose 3/1 6 to 64 1/4 .
Cisco Systems Inc., the largest maker of Internet equipment, which is expected to be an Intel customer, rose 7/1 6 to 86 1/4 . IBM, which signed a $2 billion contract to supply chips and parts to Cisco yesterday, rose 3 1 1/1 6 to 128 1/4 .
International Paper also contributed to the Dow's strength, gaining 2 3/8 to 49 7/1 6 after PaineWebber raised its rating on the stock.
Promus Hotel Corp. rose 2 1 5/1 6 to 32 amid reports that Hilton Hotels is negotiating a deal to acquire it.
Advancing issues outnumbered decliners by a 7-to-6 margin on the New York Stock Exchange, where volume came to 470.4 million shares, slightly behind Tuesday's pace.
The Russell 2000 index was up 2.99 at 430.82.