NEW YORK >> Wall Street faltered yet again today, stymied by mixed earnings reports from Intel and Boeing that failed to convince investors that the business recovery will be solid and strong enough for stock prices to go higher. Mixed earnings reports
drag down Dow, NasdaqBy Lisa Singhania
Associated PressThe selling, coming a day after a 207-point gain in the Dow Jones industrials and 63-point surge in the Nasdaq composite index, was the latest example of the market's inability to hold on to gains. Instead of buying on expectations of stronger profits ahead, investors pulled back and took profits.
The Dow closed down 80.54, at 10,220.78. The Nasdaq composite index lost 6.12 to 1,810.67, while the Standard & Poor's 500 index fell 2.28 to 1,126.09. Advancers edged decliners on the New York Stock Exchange, with 1,685 up, 1,504 down and 203 unchanged. Volume was 1.36 billion shares. The NYSE composite index fell 1.25 to 593.48, the American Stock Exchange composite index rose 4.44 to 918.35 and the Russell 2000 index lost 4.18 to 518.77.
The Treasury's 2-year note rose 1/32 to 100 1/2; its yield fell 2 basis points to 3.36 percent. The 10-year note lost 9/32 to 97 9/32; its yield gained 4 basis points to 5.23 percent. The 30-year bond fell 78 to 95 1/32; its yield rose 7 basis points to 5.73 percent.
In trading today, Intel rose $1.13 to $30.64 on earning released yesterday that met expectations despite disappoint- ing revenues. Texas Instruments, which beat forecasts Monday, rose 26 cents to $34.05, while Motorola, which yesterday came in ahead of estimates, soared $1.33 to $16.33.
Boeing dropped $3.33 to $45.37 after missing analysts' estimates because of weakness in its commercial satellite operation and continuing fallout from the terrorist attacks.
After the market closed, IBM said first-quarter earnings fell 32 percent, meeting analysts' reduced forecasts. Also, Apple Computer said fiscal second-quarter profit dropped 7 percent, beating expectations by one penny.