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NEW YORK -- Earnings worries dogged Wall Street again today after Goldman Sachs lowered its earnings forecast for Microsoft and two other high-tech firms warned of disappointing results. Stocks lower
Associated Press
In the midday trading on Wall Street, the Nasdaq composite index was down 31.50 at 2,765.00, recovering from an earlier dip of more than 88 points.
Blue chips fared better. The Dow Jones industrial average was off 6.92 at 10,657.46, after a brief sojourn into positive territory. The Standard & Poor's 500 index slipped 2.68 to 1,348.78.
Advancers narrowly led decliners on the New York Stock Exchange. Volume was 514.11 million shares vs. yesterday's pace of 642.91 million shares. The Russell 2000 index fell 1.26 to 462.28.
The 10-year Treasury note was down 13/32 point, or $4.06 per $1,000 in face value, at midday; its yield rose to 5.36 percent from 5.31 percent late yesterday. The 30-year bonds were down point and yielded 5.57 percent, down from 5.52 percent yesterday.
Microsoft fell $3.50 to $53.19, extending a loss of $3.19 from the previous session, after Goldman Sachs predicted that soft personal computer sales would hurt the software maker's business. Investors also punished shares of Motorola, which slipped 63 cents to $17.25, and Scient, down $1.69 at $2.81, after both companies warned of soft profits.
Pharmaceutical and consumer products stocks fared better, reflecting investors' search for firms that would perform well in less robust economic conditions. Avon Products rose $2.06 to $40.81 after the company said it would meet quarterly estimates.