Late Surge Erases Loss, Lifts Dow To 6,858.11

A late burst of bargain hunting boosted blue-chip shares on Tuesday, lifting some stock averages to new highs, but the rocky session produced a less decisive finish for the broad market.

The Dow Jones industrial average rose 51.57 to 6,858.11, about 25 points shy of its all-time best close, set last month. With less than an hour left in the session, the blue-chip barometer was down about 23 points, having surrendered a 40-point morning gain.

Broader indicators turned mostly higher late in the session too, with the Standard & Poor’s 500 list and the New York Stock Exchange composite index gaining just enough to close at new highs. But smaller-company measures ended lower and the Nasdaq market was weighed down again by profit-taking among technology issues.

“A little (computer-driven) program trading in the last half hour zipped the market up rather unconvincingly. This churning, trendless market seems to be tracing out some sort of top rather than trying to fly away,” said Michael Metz, chief investment strategist at Oppenheimer & Co.

Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume totaled 480.59 million shares as of 4 p.m., up slightly from Monday’s pace.

Some of the stocks that moved substantially or traded heavily Tuesday:

NYSE

Unilever PLC, up 6-1/4 at 97-1/2.

The Anglo-Dutch consumer product giant’s earnings rose 60 percent in the fourth quarter thanks to improved sales in North America and better profit margins.

Time Warner, up 1-7/8 at 41-1/2.

The media conglomerate reported a 79 percent increase in fourth-quarter profits, citing strong performances from its magazines, cable operations and HBO cable channel.

Westinghouse Electric, up 1/2 at 17-7/8.

The Pittsburgh-based conglomerate posted a wider fourth-quarter loss due to restructuring expenses and costs related to CBS election coverage.

Centennial Technologies, halted at 16-1/2.

The maker of personal-computer equipment and accessories fired its chairman and chief executive amid an investigation into phony bookkeeping entries.

Motorola, down 4 at 63-1/2.

An article in The Wall Street Journal questioned whether the telecommunications equipment maker’s best years are behind it.

NASDAQ

Innotech, up 4-21/32 at 13-17/32.

Johnson & Johnson agreed to acquire the maker of lens-casting systems for optometrists for $13.75 a share, or $124 million, in cash.