The Dow Jones Industrial Average held fast to its triple-digit-gain at the closing bell.
On any other day, that much of a boost would be impressive, but today, the impact was lost since volume was light as money sat on the sidelines ahead of the election.
Light or not, the blue-chip rally was widespread with the most help coming from
, which is getting ready to merge with
. This morning, consumer advocacy group Inner City Press/Community on the Move said it filed papers with U.S. regulators opposing the merger because of Chase's allegedly biased lending practices.
The Dow's other heavy contributors were
Nasdaq Composite Index was fairly volatile all day ahead of
post-close earnings announcement. The Comp ended just below the flatline. Meanwhile, Cisco was off 2.9%.
With this year's most difficult
earnings season grinding to a close, many investors think all the bad news is out in the open and has been accounted for in stock prices. Tech stocks got knocked down in September and October, and investors may finally be feeling a bit more comfortable with valuations.
But Cisco's earnings report carries a lot of weight -- the company is one of the market's last tech heavyweights to report this season. While Cisco has beaten earnings estimates for 14 straight quarters, some worry it may have come to the end of its earnings growth rope. Several tech and telecom bellwethers have blamed earnings weakness going forward on a
slowdown in capital spending on computer and telecom equipment this quarter.
Cisco-watchers also note that the networking legend's stock price hasn't been shredded like those of the other former tech leaders. Once called the Four Horseman, this group comprised not only Cisco, but also computermaker
, software giant
. Dell was down 3.3%, Microsoft was 1.8% higher and Intel was up 1.4%.
Adam Lashinsky wrote a separate story about Cisco's
VA Linux Systems
was down 42.1% after it warned it sees a loss of 14 cents to 16 cents a share in the first-quarter, excluding items, compared with a loss of 27 cents a share in the same period last year. The
First Call/Thomson Financial
survey of six analysts expected a loss of 9 cents a share. The maker of software and computer operating systems attributed its wider-than-expected first-quarter losses to slower sales from dot-com-sector customers.
takes the cake as the biggest loser. The stock plummeted 64.8%, or $19.13, to $10.63 after it said its fourth-quarter revenue would be well below estimates. The company's flagship product is used to manage and maintain DSL Internet connections for telephone companies. Turnstone said it lowered estimates because the development of computer networks has been scaled back and financing opportunities are diminishing.
Semiconductors followed through on a light rally begun last week, with Intel up 1.4%,
Advanced Micro Devices
2.4% higher and
rising 2%. The
Philadelphia Stock Exchange Semiconductor Index
was up 0.7%.
Philadelphia Stock Exchange Oil Service Index
was down 1.5%. It was brought down by nearly every component, including
S&P Insurance Index
rose 2.3%. Component
, a U.S. business insurer, posted better-than-expected earnings for its third-quarter earlier today.
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Bonds were lower this afternoon in light volume ahead of tomorrow's elections. There are no new economic data.
The benchmark 10-year
Treasury note is at 99 5/32, down 8/32, to yield 5.863%.
Treasury bondis at 104 31/32, 15/32 lower, to yield 5.893%.
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