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NEW YORK -- Tech stocks fell for a second straight session today as analysts cut their ratings on several high-profile companies, while blue chips moved higher on news of a major deal in the financial services industry. Dow up 50.03
Associated Press
The high-tech driven Nasdaq composite index was off 129.84 at 4,013.34. The Dow Jones industrial average closed up 50.03 at 11,310.64 and the Standard & Poor's 500 index was down 14.83 at 1,492.25. Advancers outnumbered decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,592 up, 1235 down and 519 unchanged. Volume was 998.47 million shares compared with 840.76 million yesterday.
The New York Stock Exchange composite index fell 1.74 to 674.46, the American Stock Exchange composite index rose 13.17 to 971.15 and the Russell 2000 index was off 2.70 at 536.32. The 30-year Treasury bond was down 18/32 at 107 24/32, yielding 5.71 percent.
Citigroup, the nation's biggest financial services company, said it will buy lender Associates First Capital for about $31.1 billion in stock. Citigroup fell $3.02 to $54.92, but shares of Associates First Capital jumped $10.50, or 27.8 percent, to $38.50. Tech stocks, however, remained depressed for a second day, primarily because of more analyst downgrades of prominent companies. Shares of Micron Technology fell $9.50 to $68.75 today after Donaldson, Lufkin & Jenrette lowered its rating on the memory chipmaker from "buy" to "underperform." And WorldCom fell $2.25 to $31.50 after analysts from Lehman Brothers and Wachovia Securities downgraded the stock.