Dow Back in Record Territory
After taking a bit of a swat after the opening bell, the blue-chip
Dow Jones Industrial Average
shook off some weakness and was solidly higher this morning and in record territory again.
Providing the most fuel for the Dow's jump were financials
American Express
(AXP) - Get Report
and
J.P. Morgan
(JPM) - Get Report
, which rose 3 11/16 to 136 3/4 and 4 to 139 13/16, respectively.
Meanwhile, technology and Internet stocks were mostly lower, but off their worst levels of the session.
The
Nasdaq Composite Index
was down 25 to 2526.
TheStreet.com Internet Sector
index was down 18 to 640.
Amazon.com
(AMZN) - Get Report
was the biggest loser in the index, down 20 , or 10%, to 173 13/16, after posting its quarterly results
yesterday after the close. Amazon was most active on the
Nasdaq Stock Market
, with 9 million shares changing hands.
The
S&P 500
was down 2 to 1349. The
Russell 2000
was down 1 to 433.
The 30-year Treasury bond was up 20/32 to 95 25/32, yielding 5.54%.
The
Labor Department
reported that the
Employment Cost Index
in the first-quarter rose a modest 0.4%, well below what economists predicted.
Peter Coolidge, managing director of trading at
Brean Murray Foster Securities
, says he expects another volatile session in Internet and technology stocks.
He noted that after an initial selloff, tech and Internet stocks have stabilized while the overall market has headed north.
On the
New York Stock Exchange
, advancers were beating decliners 1,499 to 1,063 on 255 million shares. On the Nasdaq, winners were beating losers 1,602 to 1,533 on 295 million shares.
On the NYSE, 43 issues had set new 52-week highs while 11 had touched new lows. On the Nasdaq, 38 issues had set new highs while new lows totaled 11.
On the Big Board,
America Online
(AOL)
was most active, with 11 million shares changing hands. It was down 4 7/16 to 138 9/16.
10:03 a.m.: Stocks Mixed as Treasury Market Rallies
The major market averages were mixed, as Treasuries rallied on bullish economic data.
The
Dow Jones Industrial Average
was up 49 to 10,894. The
S&P 500
was up 3 to 1354. The
Nasdaq Composite Index
was down 9 to 2542. The
Russell 2000
was down fractionally at 433.
TheStreet.com Internet Sector
index was down 9 to 649.
The 30-year Treasury bond was up 28/32 to 96 1/32, yielding 5.53%, after the
Labor Department
reported that the
Employment Cost Index
in the first-quarter rose a modest 0.4%, well below what economists predicted, showing inflation remains asleep.
Most Up at Open -- NYSE
Telebras (TBH) , up 2 1/4 to 90
.
Most Up at Open -- Nasdaq
VeriSign (VRSN) - Get Report, up 5 1/2 to 108 5/16
.
Most Down at Open -- NYSE
Chevron (CHV) , down 2 to 100 7/8
.
Most Down at Open -- Nasdaq
Amazon.com (AMZN) - Get Report, down 21 1/16 to 172 7/16
: The company after the close reported a first-quarter loss of 23 cents a share, 6 cents narrower than the 21-analyst
First Call
view but deeper than the year-ago loss of 7 cents. Analysts, however, are growing impatient with Amazon's plans to boost its spending aggressively, deepen losses and push profitability further into the future. TheStreet.com wrote about Amazon's report in a story
last night.
