Stocks closed mostly higher in active trading Wednesday, as technology stocks continued to rally.
Semiconductor giant Intel led the tech parade after a Sanford C. Bernstein analyst boosted his rating on the stock to “outperform.”
Intel, a component of the 30-stock Dow Jones industrial average, rose $1.09, to $39.99. The Bernstein analyst predicted improved profit margins at Intel and rising demand for computers by businesses.
But the Dow slipped 9.63 points, to 10,529.03. 3M, Caterpillar and Procter & Gamble led the Dow losers.
After the close of the regular New York session, shares of Procter & Gamble rallied in late trading. The company raised its target for profits in the October-December quarter.
The consumer products marketer cited strong sales in health-care products, especially cold remedies linked to the flu scare.
Procter & Gamble closed the regular New York Stock Exchange session down 88 cents, to $98.10, but hit a four-year high, $100.41, in after-hours trading.
The Standard & Poor’s 500 index added 2.66, to 1126.33. The Nasdaq composite index rose 20.31, to 2077.68, its highest close since August 2001. The Russell 2000 index of small-company stocks advanced 4.73, to 574.62.
NYSE trading volume reached 1.67 billion shares. Winners held a narrow edge over losers among NYSE-listed stocks.
Nasdaq trading volume totaled 2.22 billion shares, as winners topped losers by a nearly 3-2 ratio.
Treasury securities closed higher, reflecting strong demand for the Treasury’s sale of $16 billion in 5-year notes.
The auction brought a yield of 3.26 percent, down from 3.37 percent at the December 5-year note auction. Traders cited strong bidding by non-U.S. investors.
The dollar edged up against the euro and yen. Gold and oil prices closed lower.
Traders will watch Thursday for comments by European central bankers about the recent record low level of the dollar against the euro.
The European Central Bank is expected to keep its short-term interest rate target unchanged at 2 percent, despite continued economic stress and the negative effects of the weak dollar on Europe’s exporting industries.
Local news: NeoPharm, Lake Forest, a developer of cancer treatment drugs, disclosed that the Chicago office of the Securities and Exchange Commission has launched an inquiry into the break-up of a licensing agreement with Pharmacia, now a unit of Pfizer. The two companies have been in arbitration over the termination since 2002.
NeoPharm revealed the SEC inquiry in the prospectus for a secondary offering of stock totaling up to 4.02 million shares. The company currently has about 19 million shares outstanding. The share price nearly doubled last year.
On Wednesday shares lost 3 cents, to $17.93. The company said it was cooperating with the SEC investigation.
– Cobra Electronics, Chicago, hit the jackpot at the Consumer Electronics Show in Las Vegas.
Shares of the thinly traded stock soared $2.30, or 30 percent, to $10.05, a nearly three-year high, in heavy trading volume. Shares hit a record high, $11.54, earlier in the session.
At the show, Cobra introduced several new products, including a new personal global positioning system device, new two-way radios and an upgraded line of police radar detectors.
Jim Bazet, chief executive officer, said he knew of no particular reason for Wednesday’s share price move. “One day’s stock jump does not make a trend,” he said.
Bazet said his company receives no regular coverage by Wall Street analysts but has attracted investor attention because of new products and expanded product distribution channels.
– Shares of eLoyalty, Lake Forest, a management consulting firm, jumped $1.29, or 36 percent, to $4.85, a 16-month high. On Tuesday, the company raised its forecast of fourth-quarter revenue.
– Shares of telecommunications infrastructure builder Andrew, based in Orland Park, rose 37 cents, to $13.20. Morgan Stanley boosted its investment rating on the stock to “overweight.”
