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Dow's losing streak ends
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September 1, 1999: 5:14 p.m. ET
Blue chip stocks recover from four days of losses, helped by bargain hunting
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NEW YORK (CNNfn) - The Dow industrials enjoyed their first day of gains Wednesday after four straight trading session of steep losses as investors opted for bargain hunting and a lack of market moving economic data kept Wall Street's interest rate anxiety at bay.
The Dow Jones industrial average rallied 108.60 points, or 1 percent, to 10,937.88. On the New York Stock Exchange, market breadth was positive throughout the trading session, with advances beating declines 1,703 to 1,256 on trading volume of 702 million shares.
The Nasdaq composite index rose 11.54 to 2,750.80 and the S&P 500 index advanced 10.66 to 1,331.07.
The bond market slipped toward the end of the day, paying little attention to the day's economic data -- a report showing a 0.3 percent increase in leading economic indicators in July -- and focusing on pending supply of corporate debt. The benchmark 30-year Treasury bond ended 1/4 of a point lower in price, its yield rising to 6.08 percent from 6.06 percent at Tuesday's market close.
The dollar continued its descent against both the euro and the yen, against which it fell to a 7-1/2 month low.
Buying yesterday's losers
In the stock market, investors showed an affinity for financial services companies, one of the market's sectors that suffered a sharp drop Tuesday. Technology issues also remained in favor.
Helping add to the Dow's gains, shares of financial companies scored moderate advances. American Express (AXP) rose 1-2/2 to 139, Citigroup (C) edged up 7/16 to 44-7/8 and J.P. Morgan (JPM) gained 7/16 to 129-5/8.
The Dow's climb also received support from solid gains in component International Paper (IP), which rallied after PaineWebber upgraded the stock, together with several other paper companies. International Paper, whose rating was lifted to "attractive" from "neutral" gained 1-9/16 to 48-5/8.
The other paper stocks benefiting from upgrades included Westvaco (W), rising 2-1/16 to 28 after PaineWebber upgraded the stock to "buy" from "attractive." Weyerhaeuser (WY), also upgraded to "buy" from "attractive," gained 1-3/16 to 57-7/16, and Temple-Inland (TIN), whose business includes paper operations, climbed 2 to 64 after being upgraded to "buy" from "neutral."
The show of strength was even more clear on the technology front, with Dow member IBM (IBM) rising 2-13/16 to 127-3/8.
On the Nasdaq, shares of Intel (INTC) climbed 1-1/4 to 83-7/16 after the world's leading computer chip maker unveiled a new design Wednesday for a networking chip that should produce faster computer networks.
A potential deal in the hotel industry also provided excitement in the early hours of the trading session. Shares of Promus Hotel (PRH) -- operator of the Embassy Suites, Doubletree and Hampton Inn hotel chains -- rallied 2-15/16, or more than 10 percent, to 32 after Hilton Hotels (HLT) confirmed it is negotiating the purchase of the company. The comment followed a Wall Street Journal report which said the purchase could be for a price well above Promus' $2.4 billion current market value. Hilton shares eased 1/2 to 11-11/16.
(Click here for a look at today's CNNfn market movers.)
(Click here for a look at today's CNNfn technology stocks report.) 
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