Dealers said the flood of capital out of market leaders into cyclical stocks eased. By late morning the Dow was up 32.93 at 10,481.48, while the Nasdaq composite had risen 34.98 to 2,444.62. Texas Instruments rose, but Microsoft was weaker in spite of good third-quarter earnings. Compaq and IBM were both easier.
PRICES WERE off mid-morning highs but still firm at midday, helped by stronger-than-expected earnings from KimberleyClark, Colgate, Coca- Cola, Bristol Myers and Northrop Grumman.