NEW YORK REPORT: Stocks eked out gains yesterday as investors nibbled at selected issues, but the mood was soured by news of an accounting probe at International Business Machines, which brought back memories of corporate scandals.
Dow Jones Industrial Average: 8,924.00 (+26.00)
The Dow Jones Industrial Average was up 26 points, or 0.29 per cent, at 8,924, finishing at its highest since August, 2002.
It was still held back by IBM, which lost $3.92 to $83.50. The Standard & Poor's 500 Index was up 5 points, or 0.47 per cent, at 972. The tech-laced Nasdaq Composite Index was up 13 points, or 0.8 per cent, at 1,603. It was helped by Brocade Communications Systems, which surged after Merrill Lynch upgraded it.
Helping the mood on Wall Street, Federal Reserve chairman Mr Alan Greenspan said he expected the US economy to pick up moderately later this year, although a lot of uncertainty fogged the outlook. He was speaking during a discussion among international central bankers.
Brocade, the data storage networking company, surged 74 cents, or 12 per cent, to $6.78. Martha Stewart Living Omnimedia lost $2.02 to $9.18 after news that federal prosecutors are seeking a criminal indictment against the domestic style setter.
