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Dow industrials turn higher
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March 2, 2001: 12:38 p.m. ET
U.S. stocks bounce off lows following Greenspan remarks; Nasdaq down
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NEW YORK (CNNfn) - U.S. blue chip stocks rebounded at midday Friday, led by financial services and industrial issues, following the conclusion of Federal Reserve Chairman Alan Greenspan's testimony before a House committee on fiscal matters.
Greenspan covered no new ground, but reiterated his belief that a tax cut in the face of surging budget surpluses could be acceptable. He also indicated that inflation is "well contained," a comment that could be interpreted by investors that prices are no obstacle if the Fed seeks to lower interest rates.
Technology issues remained lower, although down not nearly as much as earlier in the session.
At 12:43 p.m. ET, the Dow Jones industrial average rose 55.33 to 10,506.12 after being down as much as 148 points earlier in the session. The Nasdaq composite index dropped 33.48, or more than 1 percent, to 2,149.89 after being down nearly 90 points.
The S&P 500 slipped 0.25 to 1,240.98.
Among financial issues, which benefit from lower interest rates, American Express (AXP: Research, Estimates) rose $1.03 to $44.03 and J.P. Morgan Chase (JPM: Research, Estimates) added 82 cents to $46.93. Among industrial stocks, Boeing (BA: Research, Estimates) rose $1.60 to $61.25 and 3M (MMM: Research, Estimates) gained $2.41 to $112.01. 
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