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NEW YORK -- High-tech stocks rebounded today after a two-day downturn, while blue chips fell following another spate of corporate earnings warnings. Dow falls 50.77
Associated Press
The Dow Jones industrial average fell 50.77 to close at 11,259.87. But the Nasdaq composite index ended the day up 85.01, or 2 percent, at 4,098.35, buoyed by the same stocks that investors could not wait to get rid of earlier this week. The Standard & Poor's 500 index 10.26 at 1,502.51.
Advancers led decliners by a narrow margin, with 1,529 up, 1,269 down and 545 unchanged on the New York Stock Exchange, where volume came to 978.25 million shares, down from 998.47 million yesterday. The NYSE composite index gained 1.03 to 675.49; the American Stock Exchange composite index rose 3.03 to 974.18; and the Russell 2000 index was up 6.50 at 542.82. The 30-year Treasury bond's price fell 3/32 point, or 94 cents per $1,000 in face value, as its yield rose 1 basis points to 5.72 percent.
Tech stocks had their best day so far in a holiday-shortened week. Chipmaker Intel traded up $1.74 at $67.44 on the Nasdaq, after tumbling for two days on an influential analyst's downgrade. Micron Technology, another chip maker that was downgraded by an analyst yesterday, was up $4.75 to $73.50 on the Big Board. And Sun Microsystems rose $6.31 to $123.94 today, gaining back nearly all of yesterday's loss.
Investor enthusiasm did not extend to blue chips, however. Shares of DuPont fell $5.19 to $41.81 after the chemical firm said earnings would be below expectations because of decreased demand and higher costs.