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NEW YORK -- Wall Street's Christmas optimism faded today as investors returned to their pattern of unloading tech stocks and shifting money into blue chips. Dow up 56.88
Associated Press
A session after sending stocks soaring in a brief holiday rally, investors retreated amid corporate earnings worries and profit-taking. Tech stocks fell and blue chips rose modestly in light trading as many investors took the week off before New Year's.
Analysts were glum about the market's prospects during this last week of 2000.
"You have little impetus for any gains today or this week. We're probably not going to get an interest rate cut this week," said Barry Hyman, chief investment strategist with Weatherly Securities. "In the absence of that type of news, the market's going to err on the downside."
The Dow Jones industrial average rose 56.88 to 10,692.44 after spending much of the day in negative territory.
The Nasdaq composite index slipped 23.50 to 2,493.52 and the Standard & Poor's 500 index rose 9.24 to 1,315.19. Advancers outnumbered decliners 3 to 2 on the New York Stock Exchange, with 1,754 up, 1,161 down and 405 unchanged. Volume was 802.03 million shares vs. Friday's 1.09 billion. The NYSE composite index rose 6.54 to 646.09, the American Stock Exchange composite index jumped 13.56 to 877.59 and the Russell 2000 index was up 3.64 at 466.63.
The Treasury's 10-year note fell 11/32 to 105; its yield rose 5 basis points to 5.05 percent. The 30-year bond fell to 112 2/32; its yield rose 3 basis points to 5.42 percent.