Updated from 2:18 p.m. EST
Blue-chips closed higher Friday, but off their best levels of the session, while tech stocks eased.
Dow Jones Industrial Average ended with a gain of 22.14 points, or 0.2%, to 9851.56. The
Nasdaq was off 2.70 points, or 0.1%, at 1930.56, and the
S&P 500 lost less than a point at 1139.46.
The Commerce Department
revised its estimate of third-quarter
gross domestic product growth to negative 1.1%, down from the first estimate of a 0.4% contraction. The revision was roughly in line with economists' expectations.
The Chicago Purchasing Managers' Index fell to 41.1 in November from 46.2 in October, well short of the 45.5 consensus. An index below 50 signals a contracting manufacturing economy, while a reading above 50 suggests expansion.
was reiterating a generally upbeat business assessment at a technology conference in Arizona. The network equipment maker told analysts it was cautiously optimistic that customers' budgets will remain intact going into 2002. Cisco traded up 45 cents, or 2.3%, to $20.34.
this morning affirmed its 2001 earnings guidance and said it expects revenue to grow 15% to 18% annually. The company's shares were up $2.71, or 6.2%, to $46.73.
said it expects fourth-quarter profits to be in line with analysts' expectations, but the chip equipment maker trimmed its expected fourth-quarter bookings. Novellus also projected for the first time a loss in the first quarter of 2002. The shares fell $3.56, or 8.6%, to $38.04.
saw its shares drop $1.65, or 6.9%, to $22.31 after a research firm lowered its estimates on the company.
The banking industry was beginning to sort out various exposures to
. According to
, overseas lenders including
and others say they're owed more than $1.9 billion by the energy trader, which might be forced to file for bankruptcy protection as early as Monday. Enron continued its massive decline Friday, losing 8 cents, or 22.2%, to 28 cents.
European stocks were mixed, with London's FTSE 100 trading down 0.1% at 5204 and Germany's Xetra DAX up 1.1% at 4990. Japan's Nikkei index added 0.4% to 10,697 overnight while Hong Kong's Hang Seng gained 1.7% to 11,279.
Around 4 p.m. EST, the 10-year Treasury was recently gaining 4/32 at 102 1/32, yielding 4.74%.