Market Update: Nasdaq Marches Higher, Dow Shuffles Near Flat

Stocks diverged at the open like a banana split, with tech in favor and blue-chips out. But the Nasdaq Composite Index was lately making middling gains while the Dow was lounging around the flatline. The broader market S&P 500 was up 0.6%.

Still, as the earnings season begins to wind to a close and after a rash of important economic data, the market doesn't have much wind under its wings this morning. Meanwhile, there's been plenty of negative tech earnings in the past month, peppered with a few pleasant surprises. And until investors see concrete signs that tech fundamentals -- demand, inventories and capital spending -- are improving, they'll likely continue to buy defensive stocks like energy, tobacco and consumer staples.

Major Indices INDEX CHANGE % VALUE Dow 4.75 0.04% 10,951.47 S&P 500 8.44 0.63% 1349.33 Nasdaq 39.67 1.52% 2647.49 Russell 2000 0.91 0.18% 507.99 TSC Internet 12.67 3.65% 359.68 NOTE CHANGE PRICE YIELD 10-Year Treasury 14/32 98 28/32 5.145% Market data as of: 10:37 AM ET, Thu Feb 8 2001

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