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Wall St. in recovery mode
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October 22, 1999: 10:12 a.m. ET
Late recovery from prior day continues amid mostly strong earnings
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NEW YORK (CNNfn) - U.S. stocks rose early Friday as investors felt encouraged by the market's late recovery Thursday that brought stocks to a mixed close after a steep sell-off in the morning.
Shortly before 10 a.m. ET, the Dow Jones industrial average rose 96.26 points to 10,393.94. On the New York Stock Exchange, gainers outnumbered losers by 1,478 to 684 as 105 million shares changed hands.
The Nasdaq composite gained 37.38 points, or 1.3 percent, to 2,839.33, and the S&P 500 index advanced 13.55, or 1 percent, to 1,297.16.
The bond market edged slightly higher, but dealings were limited by the day's absence of economic data releases, as well as investors' focus on the erratic movements of the stock market. The bellwether 30-year Treasury bond rose 1/4 of a point in price, its yield easing to 6.33 percent from Thursday's 6.35 percent.
The dollar fell slightly against the yen but rose against the euro.
Earnings remain key
Among the day's stock market movers, investors focused on the companies that reported their latest quarterly results. Those that beat Wall Street's bottom-line expectations saw their stocks' value rise, but those that failed to meet the market's forecasts or issued profit warnings for the quarters to come saw their shares pummeled.
Among the top gainers, Swedish wireless communications equipment maker Ericsson (ERICY) rallied 5-5/16, or nearly 16 percent, to 39-1/8 after the company reported earnings that were lower than a year earlier but still surpassed analysts' expectations. Ericsson also issued an optimistic forecast for the quarters ahead, citing strong demand for its new mobile phone products.
Also on the rebound, technology stocks extended their late bounce-back from Thursday. Shares of Dow component IBM (IBM) -- which roiled the tech sector and the broader market a day earlier after reporting a lukewarm third quarter and issuing a profit warning for the two following quarters -- recovered from their deep slide, rising 2-9/16 to 93-9/16.
The Dow's other technology component, Hewlett Packard (HWP), rose 11/16 to 75-11/16.
Elsewhere in the high-tech corner, Intel (INTC), due to introduce its fastest Pentium III chips Monday, gained 1-11/16 to 73-3/8. Microsoft (MSFT) rose 7/16 to 93-1/2 and Dell Computer (DELL) was up 1/32 to 39-17/32.
Meanwhile, among the day's other newsmakers, shares of biotech firm Biogen (BGEN) plunged 7-9/16, or more 10 percent, to 65 after the company late Thursday said blood clotting in several patients had prompted it to halt several trials for a treatment for autoimmune diseases.
And shares of Gillette (G) tumbled 3-1/4 to 34-5/8 after the razor maker reported third-quarter results that matched expectations, but warned fourth-quarter results will drop sharply from a year earlier; Wall Street had expected an 8 percent increase.
In the trash collecting sector, long-suffering Waste Management (WMI) saw its shares plunge 1-3/4, or more than 10 percent, to 15-1/16 after the garbage hauler said an internal review will result in a significant charge against third-quarter and full-year earnings. 
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