Stocks end mixed despite
upbeat economic outlook

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By Seth Sutel
Associated Press

NEW YORK >> Reassuring words from Federal Reserve Chairman Alan Greenspan gave the stock market a lift today, but the rally fizzled after an analyst lowered earnings estimates for Cisco, prompting nervous investors to collect profits.

The Dow Jones industrial average rose nearly 140 points after Greenspan spoke to Congress, then fell into negative territory before recovering to register a gain of 12.32 to 10,127.58.

Broader stock indicators were mixed. The Standard & Poor's 500 index eked out a 0.51 gain to 1,109.89, while the tech-heavy Nasdaq composite was off 14.98 at 1,751.88.

Advancers led decliners on the New York Stock Exchange, with 1,894 up, 1,233 down and 215 unchanged. Volume was 1.38 billion shares.

The NYSE composite index rose 1.86 to 579.20, the American Stock Exchange composite index edged up 0.23 to 864.64 and the Russell 2000 index gained 1.32 at 472.61.

The Treasury's 2-year note rose 632 to 100 532; its yield fell 11 basis points to 2.92 percent. The 10-year note rose 2332 to 100 1 1/32; its yield lost 9 basis points to 4.83 percent. The 30-year bond gained 2532 to 100 2/32; its yield fell 5 basis points to 5.37 percent.

Also today, the Commerce Department reported that factory orders for durable goods rose more than expected in January, the latest sign that the manufacturing sector might be pulling out of its slowdown.

Investors reacted to the news positively, then began selling after Stephen Koffler, an analyst at Wachovia Securities, lowered his estimate for Cisco System's third-quarter results to reflect continued cuts in capital spending by telecommunications service providers.

Cisco fell $1.26, or more than 8 percent, to $14.24. Other high-tech firms fell. Emulex lost $3.48, or 9 percent, to $33.52. Sun Microsystems was off 35 cents at $8.66. Intel was off 13 cents at $29.89. And Microsoft was down 16 cents at $58.39.