Dow Gains, Despite Asian Setback

The Dow Jones industrial average rose slightly Tuesday, adding to Monday’s sharp gains despite a 4 percent loss in Hong Kong that threatened to dampen spirits on Wall Street.

The Dow finished 14.74 points higher at 7,689.13, leaving it 26 points short of restoring all of the ground lost in last week’s record 554-point drop. On Monday, the most widely watched stock gauge rose 232 points.

But the euphoria faded in Hong Kong, where the main index gave up a gain of more than 3 percent before finishing with a loss. The profit-taking made traders elsewhere nervous about the durability of recent rallies.

The Dow’s steadiness Tuesday was matched by the Standard & Poor’s 500 stock list and the Nasdaq Stock Market, which also rose modestly. Trading volume was heavy by normal standards, but continued to slow from the break neck pace seen last week.

Tokyo’s Nikkei index finished with a 0.3 percent gain and markets in London and other European capitals closed slightly lower.

The Philippine stock market rose 3.1 percent, Thailand enjoyed its strongest rally in nearly two months with a 6.9 percent gain and Indonesia’s main index finished less than 1 percent lower.

Investors have been cheered by a $33 billion rescue package for Indonesia’s battered economy. But analysts said most buyers in Asian markets Monday and today were individual investors and Asian-dedicated funds that have to stay invested in the region. Global investment funds mostly stayed away.

Monday’s Dow rebound came a week after its record plummet, which was triggered by a panicky selloff in Hong Kong and elsewhere in Asia, Europe and Latin America.

NYSE

AMF Bowling, up at 21-3/4 from initial offering at 19-1/2.

The company sold 13.5 million common shares for $19.50 each in an initial public offering. AMF, based in Mechanicsville, Va., had expected to sell 12.5 million shares for between $18 and $21 apiece.

Newbridge Networks, down 10-1/16 at 48-3/16.

The computer-networking company warned that its second-quarter profits will fall well short of Wall Street’s expectations. Newbridge, based in Ontario, plans to report on the three months ended Nov. 2 later this month.

Computervision, up 9/16 at 3-5/8.

Parametric Technology of Waltham, Mass., agreed to acquire the maker of computerized-design software for $260 million in stock. Each share of Computervision, which is based in Bedford, Mass., is to be swapped for 0.0866 share of Parametric, which makes industrial-design software.

Safety-Kleen, up 3-13/16 at 25-3/4 Laidlaw Environmental Services made an unsolicited offer to buy the chemical recycler for $1.8 billion in stock and assumed debt.

Laidlaw, based in Columbia, S.C., is offering $14 in cash and 2.4 shares of its stock for each share of Safety-Kleen, which is based in Elgin, Ill.

NASDAQ

Learning Tree International, down 9-1/8 at 25-1/2.

The Los Angeles-based company discontinued its Power Seminar program and warned that the performance of that business and other matters will hurt fourth quarter results.

Laser, up 1-5/8 at 6-1/8.

The Food and Drug Administration approved two of the Salt Lake City-based company’s medical laser systems for ophthalmic applications.

AMEX

Assisted Living Concepts, down 2-11/16 at 19-11/16.

The operator of assisted living residences for older adults reported a third-quarter profit of $996,000, slightly below expectations. Assisted Living is based in Portland.