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NEW YORK -- Investors went on a technology buying spree today, but retreated on second thoughts about the market's actual strength in a decelerating economy. The Nasdaq composite index closed up 64.24 at 2,682.79, giving back more than half of its gains from earlier in the day. Dow off 68.32
Star-Bulletin news services
The Dow Jones industrial average fell 68.32 to 10,584.34, despite rising earlier in the session, and the broader Standard & Poor's 500 index rose 2.82 to 1,329.47.
Advancers outnumbered decliners 13 to 11 on the New York Stock Exchange, with 1,588 up, 1,331 down and 400 unchanged. Volume was 1.33 billion shares vs. 1.20 billion yesterday. The NYSE composite index lost 2.12 to 648.06, the American Stock Exchange composite index dropped 5.55 to 906.02 and the Russell 2000 index was up 0.18 at 493.46.
The Treasury's 10-year note rose 15/32 to a price of 104 11/32; its yield fell 6 basis points to 5.17 percent. The 30-year bond rose 1 6/32 to 110 18/32; its yield fell 8 basis points to 5.52 percent.
Technology rose on better-than-expected results from firms like Juniper Networks, which rose 10 percent, up $12.21 at $140.21. Intel slipped 88 cents to $30.50 after initially rising on earnings that met expectations but falling on a forecast of a 15 percent revenue drop for next quarter.
IBM, which rose $3.94 to $96.69 in regular trading, after the close reported fourth-quarter profit rose 28 percent, slightly exceeding analyst expectations, and said it was well placed to weather any economic downturn. It had fourth-quarter net income of $2.7 billion, or $1.48 per share, compared with net income of $2.1 billion, or $1.12 per share, a year earlier. Analysts had estimated earnings of $1.46 per share.
Apple Computer reported its first loss in three years, beating previously lowered targets for its first fiscal quarter. It posted a net loss of $195 million, or 58 cents per share, after a profit of $183 million, or 51 cents per diluted share, a year earlier. Sales fell to $1.01 billion from last year's $2.34 billion and were slightly better than with Apple's revised December forecast of about $1 billion in sales and operating loss of $225-250 million.