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NEW YORK -- Speculation about an earlier-than-expected interest rate cut by the Federal Reserve helped technology stocks stage a last-minute comeback today, giving the Nasdaq composite index its first positive finish in more than a week. The moderate gains staunched a dramatic selloff sparked earlier in the session on earnings warnings by Motorola and Sun Microsystems. But analysts cautioned that the upturn might be temporary, noting that corporate profits won't improve anytime soon and more earnings warnings are on the way. Dow falls 86.94
Associated Press
The Nasdaq composite index closed up 17.53 at 2,262.49. The index hasn't been this low in two years, but today's finish marked a turnaround from a loss of 88 points during the day. Blue chips' prospects also improved, but not enough for a positive finish. The Dow Jones industrial average lost 86.94 at 10,439.87, recovering from a 232-point loss. The Standard & Poor's 500 index slipped 6.96 to 1,245.86. All three indexes are down for 2001. The Nasdaq has been the hardest hit, trading more than 55 percent off its all-time high of 5,048.62 reached in March. Decliners beat advancers on the New York Stock Exchange, with 1,734 down, 1,317 up and 227 unchanged. Volume was 1.23 billion shares vs. 1.35 billion yesterday. The NYSE composite index fell 4.62 to 623.00, the American Stock Exchange composite index lost 8.68 to 896.08 and the Russell 2000 index rose 0.18 to 477.44. The Treasury's 10-year note rose 12/32 to 99 6/32; its yield fell 5 basis points to 5.10 percent. The 30-year bond gained 19/32 to 98 12/32; its yield fell 4 basis points to 5.49 percent.