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Dow up 69.65
Associated PressNEW YORK -- Investors went on the defensive today, selling shaky technology stocks and loading up on steadier pharmaceutical, utility and oil concerns that do better in a slowing economy.
The latest wave of tech selling was spurred by disappointing earnings at Amazon.com, WorldCom and Nokia.
The Dow Jones industrial average rose 69.65 to close at 10,586.13. The technology-heavy Nasdaq composite index fell 145.47, or 63.65 percent, at 3,842.25, while the Standard & Poor's 500 was down 2.80 at 1,449.62.
Decliners just beat advancers with 1,448 down, 1,392 up and 482 unchanged on the New York Stock Exchange, where volume came to 1.15 billion shares, down from yesterday's 1.18 billion. The NYSE composite index rose 2.39 to 647.20; the American Stock Exchange composite index fell 2.86 to 912.33; and the Russell 2000 index fell 12.20 at 501.61.
"The stocks that are doing well are defensive ones," said Hugh Johnson, chief investment officer at First Albany Corp. "Drugs, health care, insurance, utilities, soft drink -- those stocks that tend to post good earnings regardless of what happens to the economy.
Amazon.com fell $4.69 to $31.37 1/2 after the online retailer reported lower than expected revenues late yesterday. The data reinforced pessimism about the company's long-term prospects.
In another hit to tech stocks, wireless equipment maker Nokia warned third-quarter earnings per share will likely fall from second-quarter levels due to the timing of new product introductions. Nokia dropped $13.62 to $41.37 in trading of 121 million shares.