Advertisement - Click to support our sponsors.
NEW YORK -- Late bargain-hunting lifted blue chip and technology stocks today, but the overall market was mostly lower as investors remained skittish about the outlook for earnings. Dow up 53.64
Associated Press
The Dow Jones industrial average fluctuated widely during the day before closing up 53.64 at 10,380.12. The tech-focused Nasdaq composite index, down more than 140 points in early-afternoon trading, closed up 42.61 points at 3,272.18. The Nasdaq lost 190 points yesterday. The Standard & Poor's 500 index fell 0.46 to 1,364.44. Decliners led advancers by a 12-to-11 ratio on the New York Stock Exchange, where volume was 1.28 billion shares, down from 1.29 billion yesterday.
The NYSE composite index fell 3.02 to 633.48; the American Stock Exchange composite index rose 1.61 to 897.84; and the Russell 2000 index was up 4.55 at 479.76.
The Treasury 10-year note's price was down 1/32 point, or 31 cents per $1,000 in face value; its yield rose to 5.68 percent from 5.67 percent late yesterday. The 30-year bonds were up 6/32 point and yielded 5.73 percent, down from 5.75 percent yesterday.
Yesterday, telecom equipment maker Nortel Networks touched off a tech decline and brought the overall market lower. Yesterday's turnaround appeared to be linked to Nortel and other tech stocks. Nortel traded erratically today following a 29 percent plunge yesterday. But it closed up 75 cents today at $45.75. JDS Uniphase, another fiber optic company, rose $3.44 to $74.44, recovering from earlier losses. The company released its first-quarter earnings after the close, and beat analyst expectations by 2 cents a share.