Stocks were higher today as bargain-hunting and a strengthening dollar helped markets rebound from last week's sell-off.
At 3 p.m., the Dow Jones industrial average was up 62.37 to 10,341.70.
The Standard & Poor's 500 index was up 11.14 at 1,288.50, and the Nasdaq composite index gained 24.77 to 2,765.18
Last week, the Dow Jones industrial average fell a total of 524.30 points, its biggest weekly point loss ever. It tumbled more than 200 points in two separate sessions. The plunge left the Dow 1,046.71 points, or 9.2 percent, below its record close of 11,326.04, set Aug. 25. The Nasdaq composite index, which lists most of the world's leading technology companies, lost 129.21 points last week.
"We're seeing an oversold market, and bargain-hunting taking over," said Richard Cripps, chief market strategist for Legg Mason of Baltimore.
He said that investors seem to be going back to technology stocks, which were big catalyst for the market before last week's retreat.
Computer-related shares got a boost from Abby Joseph Cohen, the chief investment strategist at Goldman, Sachs & Co. and a noted stock-market optimist. This weekend, she said U.S. stocks in general are "modestly undervalued." She recommended "main-line" technology stocks, citing their "enormous earnings growth, very high returns on equity and high profit margins," which suggests that many are likely to "perform very well."
Cohen is "a big influence on Wall Street, that's for sure," said Miles Berryman, who manages $350 million in U.S. equities at Coutts & Co. in London. "She's been right before."
Intel, the biggest computer-chip maker, rose 2 1/1 6 to 77 1/1 6. The stock lost 11 percent last week. Microsoft gained 1 to 91 1 5/1 6 after a 5.7 percent drop last week.
Dell Computer Corp. rose 1 1/8 to 44 1 3/1 6. The world's biggest direct-seller of personal computers is expanding its $16 billion agreement to buy parts and equipment from IBM. IBM rose 1 3/1 6 to 126 3/1 6.
The dollar has risen on indications that Japan will work to stop the dollar's recent slide vs. the yen. After months of sparring over the direction of foreign exchange markets, finance ministers of industrialized nations agreed over the weekend on how to revive the sagging U.S. currency, as well as protect Japan's nascent economic recovery. The news helped stop the dollar's slide against the yen.
Leading the Dow higher today was American Express, up 2 1/1 6 to 138 7/1 6, and International Business Machines, up 1 3/1 6 at 126 3/1 6.
Mining stocks helped the stock market as gold bullion posted its biggest daily gain in at least nine years. Gold producers benefited after European central banks said they will limit bullion sales.
Advancing issues outnumbered decliners by a 5-to-3 margin on the New York Stock Exchange.
The Russell 2000 index, which reflects the performance of small-company stocks, was up 5.38 at 422.47.
In Taiwan, blue chips tumbled almost 2.7 percent in the first trading session since the Taipei Stock Exchange was closed last week by the tremor that rocked Taiwan, threatening its export-based economy.
Investors globally are most concerned about the quake's impact on Taiwan's vital semiconductor industry, which makes 10 percent of the world's chips and about 80 percent of the "motherboards" used to run personal computers.