Dow tops 10,000 again but
tech stocks tumble

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By Lisa Singhania
Associated Press

NEW YORK >> Technology selling pressured stocks today, resulting in a mixed market despite strong gains in the financial and energy sectors.

Analysts said investors, as expected, were consolidating their gains from the recent tech rally. They also attributed some of the losses to Wall Street's unwillingness to leave too much in the market until the signs of a recovery become more definite.

The Dow Jones industrial average closed up 72.10 at 10,070.49, its fourth straight advance and first close above 10,000 in more than a week.

Broader stock indicators were split.

The Standard & Poor's 500 index was up 6.64 at 1,149.56, but the technology-laden Nasdaq composite index lost 21.87 to 1,982.89.

Decliner led advancers 8 to 7 on the New York Stock Exchange, with 1,654 down, 1,525 up and 195 unchanged. Volume was 1.44 billion shares vs. 1.32 billion yesterday.

The NYSE composite index rose 4.56 to 585.12, the American Stock Exchange composite index gained 5.13 to 830.85 and the Russell 2000 index fell 3.42 to 482.07.

The Treasury's 2-year note was unchanged at 99 - 27/32; its yield remained at 3.08 percent. The 10-year note gained 1/2 to 99 -19/32; its yield fell 7 basis points to 5.05 percent. The 30-year bond rose 3/4 to 98 - 27/32; its yield fell 5 basis points to 5.45 percent.

"Tech stocks have run up a long way from Sept. 21. The concern is that ... perhaps the valuations have gotten ahead of themselves," said Richard A. Dickson, technical analyst at Hilliard Lyons. "If that's the case, perhaps it's time to take some profits."

Motorola fell 91 cents to $15.70 on news it is trimming another 9,400 jobs. The company has now shrunk its work force by 32 percent -- 42,900 jobs through layoffs and 5,500 through sales of businesses -- since August 2000.

Other tech issues were weak, too. Intel dropped 47 cents to $33.34, while Ciena lost 47 cents to $15.00.

Wall Street seemed more interested in buying non-technology issues. Energy-related stocks advanced on reports of higher oil prices, including ExxonMobil, which rose 80 cents to $38.35.

Financial stocks were stronger, too, reflecting Wall Street's hopes that the sector will improve early in a recovery.

American Express rose $1.22 to $34.60. General Electric, which has a significant financial services business, gained $1.06 to $40.78.

"People are buying in anticipation of better bank earnings as the economy improves," Dickson said. "The lower interest rates that are out there right now also tend to help them out."

Citigroup got an additional lift after announcing it is spinning its Travelers Property Casualty insurance business into a separate company to better focus on faster-growing financial services. Its stock gained $1.86 to $49.96.

Also today, a better-than-expected report on leading economic indicators appeared to somewhat reassure Wall Street, which had started the session sharply lower. The Conference Board said economic fallout from the terrorist attacks was fading. The index moved up 0.5 percent last month; analysts had forecast a 0.3 percent gain.

After the market closed, JDS Uniphase Corp. said it agreed to buy IBM Corp.'s optical transceiver business for $340 million in cash and stock.