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Stocks bounce up
Major gauges muster early advance as oil prices retreat, investors grab beaten-down shares.
September 16, 2005: 9:52 AM EDT
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NEW YORK (CNN/Money) - Stocks climbed early Friday, bouncing back at the end of a tough week amid a fall in oil prices.

The Dow Jones industrial average (up 49.44 to 10,608.19, Charts), the Standard & Poor's 500 (up 6.46 to 1,234.19, Charts) index and the Nasdaq composite (up 9.10 to 2,155.25, Charts) all climbed in the early going.

Gains were broad-based, but narrow, with 28 out of 30 Dow issues rising modestly.

Helping support stocks in the early going was the price of oil. U.S. light crude oil for October delivery fell 69 cents to $64.06 a barrel in electronic trading.

Also adding support Friday was the market's relatively weak performance earlier this week. After rising for the first two weeks of September, stocks have languished this week. The three major gauges all start Friday's session off with declines of over 1 percent on the week, setting up some bargain hunting opportunities.

Among stock movers, Adobe Systems (up $1.78 to $28.68, Research) gained after posting higher quarterly earnings and revenue late Thursday that topped estimates. The company attributed its strong quarter to improved sales of its PhotoShop and Illustrator software.

Intel (up $0.31 to $24.86, Research) gained after Credit Suisse First Boston upgraded the chipmaker to "neutral" from "underperform" and boosted its 12-month price target to $27.50 from $24.

The preliminary September read on consumer sentiment from the University of Michigan came in well below expectations. The index swooned to 76.9 from 89.1 the previous month, according to economists surveyed by Briefing.com.

Also impacting stocks: President Bush's speech to the nation Thursday night, in which he outlined an extensive recovery and rebuilding plan for the Gulf Coast in the wake of Hurricane Katrina.

Treasury prices slipped, raising the yield on the 10-year note to 4.25 percent from 4.21 percent late Thursday. Treasury prices and yields move in opposite directions.

The dollar was little changed versus the euro and gained versus the yen.

COMEX gold rose $3.90 to $463.20 an ounce.

In global trade, major Asian markets ended lower, and European markets rose at midsession.  Top of page

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