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NEW YORK >> Stocks closed mixed today as investor enthusiasm about U.S. advances in Iraq was muted by a weak employment report and speculation that Saddam Hussein was still alive. Tech shares sagged on an earnings warning from PeopleSoft. Jobs report,
Iraq news war for
Wall Street’s attentionBy Hope Yen
Associated PressAnalysts said trading was choppy as investors made quick bets about the war's prospects. But most were choosing to sit on the sidelines, wary of making major purchases before the weekend.
"A conflicting news day is leading to a conflicted market," said Stephen Massocca, president of Pacific Growth Equities. "We have continuing good news coming out of Iraq. But on the other side, we have disappointing employment numbers coupled with other negative economic news."
Advancing issues outnumbered decliners 5 to 4 on the New York Stock Exchange. Volume was light.
The Dow Jones industrial average closed up 36.77, or 0.5 percent, at 8,277.15, having declined 44 points Thursday.
The broader market finished mixed. The Nasdaq composite index dropped 13.07, or 0.9 percent, to 1,383.51. The Standard & Poor's 500 index rose 2.40, or 0.3 percent, to 878.85. The Russell 2000 index fell 1.94, or 0.5 percent, to 373.28.
The price of the Treasury's 10-year note was down 1/4 point, while its yield rose to 3.94 percent from 3.92 percent yesterday. The price of two-year Treasury notes was unchanged at a yield of 1.54 percent.
U.S.-led forces edged closer to Baghdad today after seizing control of Saddam International Airport. U.S. Central Command said about 2,500 Iraqi Republican Guards surrendered between Kut and Baghdad. Stocks, however, trimmed early gains after Iraqi television showed Saddam calling on his people to fight back, dampening rumors the leader might be wounded or dead. His remarks included a reference to the downing of an Apache helicopter that occurred after the March 19 strike aimed at killing him.
Meanwhile, a Labor Department report showed U.S. companies slashed 108,000 jobs in March, more than analysts' estimates of about 40,000 cuts. The overall civilian unemployment rate held steady at 5.8 percent.
PeopleSoft dropped $1.48, or 9 percent, to $15.02 after the software company lowered its quarterly outlook below Wall Street's and its own previous estimates, citing the weak economy.
Affymetrix fell $9.67, or 34.5 percent, to $18.33 after the maker of gene chips lowered its first-quarter earnings estimates, blaming a slowdown in capital spending.
Altria declined $1.40 to $28.30 after the Illinois Legislature rejected a plan to cap the amount its Philip Morris tobacco unit has to deposit to appeal legal verdicts.
Gainers included Research in Motion, which rose 42 cents to $14.88, after the maker of BlackBerry pagers reported a quarterly loss that was narrower than analysts' expectations; the company also raised its first-quarter revenue forecast.
Overseas, Japan's Nikkei stock average finished 0.7 percent higher. In Europe, France's CAC-40 rose 1.8 percent, Britain's FTSE 100 advanced 1.2 percent and Germany's DAX index climbed 3.3 percent.
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