Dow holds 10,000
after falling below

---

By Lisa Singhania
Associated Press

NEW YORK >> A change in business strategy at Tyco and lackluster earnings at other companies stymied Wall Street today and left stocks barely changed following some wide price swings. The Dow Jones industrials dipped below the 10,000 level for the first time in two months before recovering in late trading.

Analysts said the market, which had bet that earnings would be strong enough to trigger a market turnaround, was resigning itself to the likelihood that 2002's recovery will be less robust than hoped. Still, a last-minute surge of buying saved the market from extending what had been a weeklong downturn.

The Dow closed up 4.63, virtually unchanged, at 10,035.06 despite spending most of the session below 10,000 and falling as much as 103 points early in the session. The index last closed below the psychologically important level on Feb. 22, when it stood at 9,968.15.

The Nasdaq composite index rose 0.36 to 1,713.70, just enough to end a six-session losing streak. The Standard & Poor's 500 index lost 1.66 to 1,091.48.

Advancers edged decliners on the New York Stock Exchange, with 1,656 up, 1,523 down and 192 unchanged. Volume came to 1.51 billion shares.

The NYSE composite index fell 1.16 to 579.97, the American Stock Exchange composite index rose 5.60 to 928.86 and the Russell 2000 index gained 1.53 to 508.85.

The Treasury's 2-year note rose 2/32 to 100 2632; its yield fell 4 basis points to 3.19 percent. The 10-year note gained 632 to 98 1 2/32; its yield fell 2 basis points to 5.09 percent. The 30-year bond edged up 1/32 to 96 1/2; its yield remained unchanged at 5.62 percent.

Tyco fell $5.15, or 19.9 percent, to $20.75 after the conglomerate backed away from plans to split the company into four parts and announced it would close 24 factories and eliminate 7,100 jobs, primarily in its electronics and telecommunications businesses.

General Mills fell $3.77, or 7.7 percent, to $45.30 on reports that the food company had canceled a meeting with investors. Dow Jones News reported that the meeting, which was said to have involved Goldman Sachs, was originally set for Friday.

A spate of mediocre earnings reports exacerbated Wall Street's moodiness.

Investors bid Dow Chemical down 30 cents to $30.70 on lower than expected first-quarter estimates. Eastman Kodak dropped 76 cents to $33.18 after posting a 74-percent drop in first-quarter profits and beating Wall Street's lowered forecasts.

And Dynegy plunged $8.10 to $19.20, a 29.7 percent loss, after the energy company reduced its earnings forecast and disclosed government regulators were looking into a gas contract.

After the market closed, JDS Uniphase, the biggest maker of parts used in fiber-optic equipment, posted a fiscal third-quarter loss of $4.34 billion as sales tumbled 72 percent. The company also said it will cut 2,000 jobs. JDS' loss narrowed to $3.19 a share in the quarter ended March 30 from $41.8 billion, or $36.63 a share, in the year-earlier period, when the company had $39.8 billion in costs for a decline in the value of acquired assets. Sales fell to $261.8 million from $920.1 million.