Dow Struggles Back into the Black
Most of the major stock gauges slumped today, with the exception of blue-chips.
The
Dow Jones Industrial Average
was up 8 to 8997. The
S\&P 500
was down 2 to 1201.
The
Nasdaq Composite Index
was down 14 to 2124. The
Russell 2000
was down 2 to 400.
The
TheStreet.com Internet Sector
index was down 4 to 416.
The 30-year Treasury bond was lately down 28/32 to 102, yielding 5.12%.
Meanwhile, the
Federal Open Market Committee
is meeting in Washington. It is widely expected the Fed will leave short-term interest rates unchanged.
In the news, New York City this afternoon plans to unveil a $600 million incentive scheme to keep the
New York Stock Exchange
in the city,
Reuters
reported today, citing a source close to the talks. New Jersey has also courted the exchange.
Speaking of the Big Board, decliners were beating advancers 1,685 to 1,048 on 286 million shares. On the
Nasdaq Stock Market
, losers were beating winners 2,185 to 1,363 on 397 million shares.
On the NYSE, 49 issues were at new 52-week highs while 41 were at new lows. On the Nasdaq, 69 issues were at new highs while new lows totaled 84.
Most active on the Big Board was
America Online
(AOL)
, with 11 million shares changing hands. It was up 2 5/8 to 119 5/8.
On the Nasdaq,
Cisco
(CSCO) - Get Report
was most active, with 15 million shares changing hands. The stock was up 7/8 to 95 7/16.
Tech Focus
Among the major market indices, the
Philadelphia Stock Exchange Computer Box Maker Index
was down 1%, the
Morgan Stanley High-Tech 35
was down 1%, the
Philadelphia Stock Exchange Semiconductor Index
was down 2%, and the
Nasdaq 100
was down 1%.
Apple
(AAPL) - Get Report
was up 1 11/16 to 36 3/4. Apple's
iMac
was the No. 1 selling personal computer through retail and through the mail in November, according to
PC Data
, a market research firm. The iMac accounted for 7.1% of all unit sales, as well as 8.2% of the dollar volume. The average price for the iMac was about $1,226 in November.
The iMac's rankings have steadily improved, moving up from fourth place in August to third in September and second in October. That performance resulted in a doubling of Apple's overall market share, from 5% or below prior to August, to approximately 10% since the release of the iMac.
In November, the iMac was followed closely by
Compaq's
(CPQ)
Presario 5150
and
Hewlett-Packard's
(HWP)
Pavilion 6355
, which was the No. 1 selling sub-$1,000 PC in November.
Apple was lately up 1 11/16 to 36 3/4. Compaq was down 5/8 to 43 5/8, while Hewlett Packard was lately down 1/4 at 65 13/16.
Meanwhile, among the big tech bellwethers,
Dell
(DELL) - Get Report
was up 3/16 to 72 1/16, while
Microsoft
(MSFT) - Get Report
was down 1 13/16 to 138 3/4 and
Intel
(INTC) - Get Report
slipped 2 3/16 to 120 1/2.
10:59 a.m.: Stocks Tumble into Negative Territory
It appears, at least so far, there won't be another record closing high for the
Nasdaq Composite Index
today as it has slid sharply early on, giving up a decent-sized chunk of the gains it enjoyed in yesterday's rally.
Oh well, the tech-heavy gauge is up only about a meager 35% for the year.
This morning, the Nasdaq Comp was down 23 to 2115.
Meanwhile, the
Federal Open Market Committee
is meeting in Washington today, however, most economists don't think the Fed will cut short-term interest rates.
The
Dow Jones Industrial Average
was down 26 to 8963.
The big-cap
S\&P 500
was down 7 to 1196. The
Russell 2000
was down 3 to 399. The
TheStreet.com Internet Sector
index was down 10 to 410.
"It looks like we're winding down here," said Louis Todd, head of equities trading at
J.C. Bradford
.
Todd attributed the weakness in tech stocks in particular to profit-taking after yesterday's huge rally.
People are holding their breath and looking forward to the holidays, Todd said, adding that there's not much news out there right now to get people excited about the market.
The 30-year Treasury bond was lately down 27/32 to 102 1/32, yielding 5.12%.
Todd noted that the long bond's fall today suggests the bond market is looking at the FOMC meeting as a nonevent.
One thing that Todd has taken note of has been the downward revisions of some overseas economies.
Todd said people are going to have to come to the "sober realization that our growth isn't going to be that strong next year."
On the
New York Stock Exchange
, decliners were beating advancers 1,655 to 935 on 186 million shares. On the
Nasdaq Stock Market
losers were beating winners 2,005 to 1,167 on 269 million shares.
On the NYSE, 37 issues were at new 52-week highs while 30 were at new lows. On the Nasdaq, 65 issues were at new highs while new lows totaled 60.
On the Big Board,
America Online
(AOL)
was most active, with 8 million shares changing hands. It was up 1/8 to 117 1/8.
On the Nasdaq,
Cisco
(CSCO) - Get Report
was most active, with 10 million shares changing hands. The stock was up 1 1/4 to 95 3/4.
10:09 a.m.: Stocks Climb at Open
Internet stocks were solidly higher out of the gate as the major market barometers opened up modestly, while in Washington, the
Federal Open Market Committee
is meeting today.
Most analysts expect the Fed to leave interest short-term rates unchanged. The federal funds rate is currently at 4.75%.
TheStreet.com Internet Sector
index was up 7 to 427.
The
Nasdaq Comp
was up 6 to 2144 after closing yesterday at an all-time high of 2138.03, up 51.89, or 2.5%. The
S\&P 500
was up 1 to 1204. The S\&P 500 also closed at an all-time high yesterday at 1202.84, up 14.81, or 1.3%.
The
Dow Jones Industrial Average
was up 34 to 9023.
The
Russell 2000
was up fractionally to 402.
Brokerage stocks were surging early on. The
American Stock Exchange Broker/Dealer Index
was up 2%.
The 30-year Treasury bond was lately down 19/32 to 102 30/32, yielding 5.11%.
Most Up at Open -- NYSE
Merck (MRK) - Get Report, up 1 3/16 to 145 1/4
.
Most Up at Open -- Nasdaq
uBid (UBID) , up 15 3/8 to 99 1/2
.
Most Down at Open -- NYSE
Texas Instruments (TXN) - Get Report, down 1 3/16 to 87 7/8
.
Most Down at Open -- Nasdaq
Monarch Dental (MDDS) , down 4 3/4 to 3 7/8
: The company said fourth-quarter and full-year net earnings would fall short of expectations.
