Updated from 3:30 p.m. EST
Blue-chips turned in another strong performance Wednesday while tech stocks felt moderate selling pressure, as a possible deal on an economic stimulus package and a series of profit warnings vied for investors' attention.
Dow finished up 72 points, or 0.72%, to 10,070. The
Nasdaq lost 22 points, or 1.09%, to 1983, and the
S&P 500 added 7 points, or 0.58% at 1150.
said it will cut an additional 9,400 jobs and that its first-quarter loss will be wider than expected. The company, which expects 2002 sales to fall by as much as 10%, said the job cuts will save it about $865 million in 2002 and $1.1 billion a year thereafter. The company has eliminated about 50,000 of its 150,000 workers since August 2000. Shares of the mobile handset maker traded down 86 cents, or 5.18%, to $15.75.
warned that its fourth-quarter earnings are likely to fall short of analysts' expectations, citing losses from insolvent customers and restructuring charges. The company said it anticipates a profit, excluding charges, of 10 cents a share. Analysts had expected the company to earn 30 cents a share in the quarter, according to research firm Thomson Financial/First Call. Alcoa shed $2.26, or 6%, to $35.40.
said it plans to sell 20% of its insurance unit, Travelers Property Casualty, in an IPO in the first quarter of 2002, then spin off the rest Shares of the financial services firm ticked up $1.86, or 3.87%, to $49.96.
was under pressure after warning that it would report a loss in the current and upcoming quarters. Shares of the chipmaker dropped $2.10, or 14.9%, to $12.
said it would consider a $6 billion hostile takeover bid from
, ending a yearlong impasse. Willamette's shares jumped $3.52, or 7.25%, to $52.09.
Merrill Lynch weighed in on the airline industry this morning, saying it believes air traffic and load factors have begun to stabilize. On Monday,
, parent company of American Airlines, recalled 800 customer service employees to handle the increased call volume during holidays.
Overseas markets were mixed, with London's FTSE 100 losing 0.6% to 5121 and Germany's Xetra DAX off 1.1% to 4985. In Asia, Japan's Nikkei closed up 0.4% to 10,472 while Hong Kong's Hang Seng added 0.7% to 11,566,
The 10-year Treasury note was recently gaining 19/32 to 99 22/32, yielding 5.04%.