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Dow on fire at opening bell
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September 2, 1997: 10:03 a.m. ET
Broader markets follow rally in blue chips; analysts say bargains abound
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NEW YORK (CNNfn) -- Blue chips and broader stock markets galloped ahead in early trading Tuesday as traders rushed to pick up the victims of last week's decline.
Curbs on electronic trading kicked in within 5 minutes of the opening bell as traders rushed back into the market following last week's selloff. At 10 a.m., the Dow Jones industrial average was up 84.78 points to 7,707.20.
Among the key broader market indexes, the S&P 500 rose 9.11 to 908.58, while the Nasdaq Composite added 14.25 to 1,601.57. In New York Stock Exchange trading, advancing issues outnumbered declines, 1,403 to 674, on volume of 47 million shares.
Following last week's 3.37 percent decline in the Dow and 2.61 percent drop in the S&P 500, market strategists said it only made sense that stocks would leap early Monday.
"We just finished the worst month we've had in seven years," said Vincent Farrell, chief investment officer at Spears, Benzak, Salomon & Farrell. "Last week was a particularly bad week, with the S&P being off about 2.5 percent and a lot of people being on vacation. It just sets the stage for a bit of a bounce back today."
Shares of Doubletree (TREE) fell 3 to 47 after agreeing to merge with the Promus Hotel group in a deal valued at $4.7 billion. The combined companies will become one of the world's largest hotel firms, with holdings that range from Embassy Suites to Hampton Inn. Promus (PRH) rose 4-1/8 to 42-15/16.
And Apple Computer (AAPL) gained 9/16 to 22-5/16 on word it will acquire the core assets of Power Computing for $100 million. Power Computing makes Apple clones.
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