Wall St: Wednesday mid-session

STOCKS ticked higher as an encouraging outlook from

The dollar earlier sank to a record low against the euro after a US move to slap quotas on Chinese textile imports. Investors, already worried that the stock market has run too far, too fast this year, are concerned the weakening dollar will chase away foreign investors in the US.

'The dollar concerns set the tone for the market today, which is very cautious,' said Andrew Baker, senior Nasdaq trader at regional investment bank Wedbush Morgan.

The market opened flat and then strengthened. The Dow Jones industrial average rose 34 points, or 0.36% at 9,658 while the Nasdaq Composite Index rose 9 points, or 0.48% to 1,890, by mid-session. The dollar rebounded as the euro traded at $1.1909, down from a lifetime high against the greenback of $1.1977 earlier.

General Electric tacked on $1.02, or 3.64% to $29.45, leading the Dow higher and ranking as the most active stock on the New York Stock Exchange. The company said it expects only a modest profit increase next year but sees a return to double-digit growth in 2005.

Network Appliance skidded $1.96, or 8.4% to $21.47. The data storage equipment maker said quarterly net income rose, but some investors had expected its profit to top the consensus estimate by a penny a share, as it had in the previous quarter.

SoundView Technology Group surged $2.14, or 16.2% to $15.39. Charles Schwab, the largest US discount brokerage, said it would buy the investment bank for about $321 million. Charles Schwab fell 40 cents, or 3.5% to $11.02.