Advertisement - Click to support our sponsors.
NEW YORK -- Blue-chip stocks closed higher but technology issues pulled the broader market lower today as nervous investors girded themselves for Intel's third-quarter earnings report. Dow up 46.62
Associated Press
Trading volume was at its lightest level in three sessions amid growing anxiety about the chip maker's earnings, which are expected to be released after the close of trading tomorrow. The angst sent software leader Microsoft to its lowest level in a year.
The Dow Jones industrial average closed up 46.62 at 10,238.80. The Nasdaq composite index fell 26.49 to 3,290.28 and the Standard & Poor's 500 index was up 0.45 at 1,374.62. Decliners beat advancers on the New York Stock Exchange, with 1,485 down, 1,373 up and 446 unchanged. Volume was 1.04 billion shares compared with 1.23 billion shares on Friday. The NYSE composite index rose 4.06 to 641.471, the American Stock Exchange composite index lost 6.85 to 907.60 and the Russell 2000 gained 1.36 to 481.75.
The Treasury's 10-year note fell 3/32 to 100 3/32; its yield rose 1 basis point to 5.73 percent. The 30-year bond fell 3/32 to 106 6/32; its yield rose 1 basis point to 5.81 percent.
The real story of the day appeared to be corporate earnings, in particular Intel, which has dropped significantly this month.
"If Intel can come out with positive numbers, it may give the market the sense that can give the market a little bit of sense that the end of this selloff may be in sight," said Gary Kaltbaum, a technical analyst at J.W. Genesis.
But investors didn't appear confident that would happen. Intel's stock fell $4.69 to $35.89 after a Salomon Smith Barney analyst said weak demand would hurt its sales.
Microsoft fell $3.38 to $50.38, a 52-week low.