The Networkers: Cisco Recovers but Buyers Remain Scarce

After a sharp plunge early Monday, the already depressed networking equipment sector was recovering but generating little enthusiasm.

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Traders who started selling their Cisco (CSCO Quote), Lucent (LU Quote), Ciena (CIEN Quote) and Nortel (NT Quote) shares at the open soon found some reasons to buy here and there. But the mood remained cautious, and few investors seemed inclined to make a big bet while fear remains the prevalent emotion.

Even after the Fed cut its fed funds rate to 3% from 3.5%, investors who returned to the market for the first time since Tuesday's terrorist attacks on New York and Washington were saying one thing but doing another. ...