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U.S. stocks regain steam
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November 2, 1999: 10:21 a.m. ET
Share prices in positive territory; Nasdaq retests 3,000 level
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NEW YORK (CNNfn) - U.S. stock markets bounced back in early trade Tuesday from Monday's declines, posting slight gains, with the Nasdaq retesting the milestone 3,000 level.
Shortly before 10 a.m. ET, the Dow Jones industrial average rose 12.54 points to 10,661.05. On the New York Stock Exchange, advances outnumbered declines 1,700 to 923 as trading volume reached 92 million shares.
The Nasdaq composite advanced 15.19 points to 2,982.84 after posting a 2,967.65 record close Monday. The S&P 500 index edged up 1.55 to 1,355.67.
The bond market was unchanged with the bellwether 30-year Treasury bond unchanged in price, its yield at 6.18 percent from 6.18 percent Monday.
The dollar rose against both the yen and the euro.
Fed chief's speech a nonevent
Little attention was focused on Federal Reserve Chairman Alan Greenspan. In prepared remarks Tuesday to a banking group in Florida, the Fed chief steered clear on interest rates, focusing on the mortgage markets and the economy.
With no key economic news scheduled until Friday's October employment report, investors hoped for clues on monetary policy as the Federal Open Market Committee meeting on Nov. 16 draws closer.
Among the day's top news makers, Gilead Sciences Inc. (GILD), a company that makes drugs to treat viral infections including HIV, plummeted 20-1/16, or nearly 32 percent, to 43-3/16 after a Food and Drug Administration advisory panel on Monday rejected its anti-HIV drug defovir dipivoxil.
In addition, Paine Webber said Tuesday it expected the stock to remain under pressure. It maintained its "neutral" rating on Gilead and reduced its 12-month price target to $55 from $65.
eToys (ETYS) also suffered, falling 5-1/16 to 50. The Internet retailer is expected to form a marketing partnership with the Gap.
Atlantic Richfield Co. (ARC) slipped 3-9/16 to 88-5/8 after the Wall Street Journal reported BP Amoco Plc's (BPA) proposed $27 billion takeover of the oil company may be in jeopardy of being blocked by U.S. regulators due to antitrust concerns. BP Amoco dipped 1 to 56-1/4.
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