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NEW YORK — Investors sought bargains on Wall Street Thursday, sending blue chips soaring while leaving the Nasdaq in positive territory for the first time in eight sessions. 

Overall, the market shrugged off a spate of profit warnings and its fears that the economy is slowing too much.  

“We’ve got a sense that a lot of the bad news has been priced into the marketplace. We are very oversold,” said Arthur Hogan, chief market analyst for Jefferies & Co. “This is a bargain hunters market. 

Stocks have been trending lower since around Labor Day, as investors have sold off stocks – mainly in the high-tech sector – on fears that an economic slowdown, high interest rates and decreased consumer confidence would further soften profits. High-tech stocks, which had been premium priced, have been hit the hardest.on March 10, 2000. Investors on Thursday were somewhat optimistic that the newest sign of an economic slowdown would prompt the Federal Reserve to reduce interest rates before it meets again at the end of January, analysts said. 

The government earlier in the day revised its annual growth rate from 2.4 percent to 2.2 percent in the summer, saying the gross domestic product was even weaker than previously believed. as the trade deficit deteriorated further. 

The Dow industrials posted nearly across-the-board advances, a reverse from the widespread losses seen Wednesday. Wal-Mart climbed $2.81 to $51.75, and Coca Cola rose $3.13 to $59.38. 

Tech issues also bumped up the Dow and the Nasdaq. Microsoft gained $1.94 to close at $43.44, and Intel moved $1.19 to $33.13. 

Investors want a sustainable rally but won’t commit to setting off one yet, analysts said. 

“Emotionally, investors are ready to do that. Whether there is a catalyst for them to do that is another issue,” said Alan Ackerman, executive vice president of Fahnestock & Co. “All eyes are on the Fed.” 

Until the Fed lowers rates, market watchers expect investors to continue to dump companies whose profit outlooks are weak. 

Earnings warnings early Thursday from Lucent Technologies and Xerox sent those shares downward but had little effect on the overall market, analysts said. 

Lucent lost $1.31 to trade at $14.19. Before the market opened, Lucent warned of poor first-quarter profits and announced a restructuring plan that will lead to cuts in excess of $1 billion 

Xerox, which said it likely will have a softer-than-expected fourth-quarter performance, was off $1.19 to $4.81. 

“We are used to those companies warning,” said Hogan, the analyst for Jefferies. “Lucent is four (quarters) for four. I don’t think the market had that major of a reaction to it.” 

Dow industrial AT&T, which warned that fourth-quarter earnings would be disappointing after the market closed Wednesday, fell $1.88 to $17.06. 

Advancing issues outnumbered decliners 7 to 5 on the New York Stock Exchange where volume was 1.40 billion shares, down from 1.42 billion on Wednesday. 

The Russell 2000 Index, which tracks the performance of smaller companies, was up 3.23 at 447.03. 

Overseas markets were lower. Japan’s Nikkei stock average fell 3.5 percent, and Germany’s DAX index tumbled 0.8 percent. Britain’s FT-SE 100 lost 1.0 percent, and France’s CAC-40 fell 0.1 percent. 

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