After taking a rest Wednesday, the bulls were in the mood for another rodeo, and the major indices bucked higher at the open. But the
Dow was barely above the flatline at midmorning, though the
Nasdaq was still ahead.
The Nasdaq Composite Index finished yesterday's session off 36.2 to 3333.39, after a 5.6% gain Tuesday. And the Dow Jones Industrial Average fell 71.7 to 10899.5 after racking up a 996-point rise over a 13-day period.
But it's hard to stick to, or even detect, a single investing trend for very long these days. As investors attempt to decipher which stocks at current levels are good values, they have been rotating in and out of beaten-down tech sectors -- computer-makers, semiconductors, opticals and networking stocks -- and defensive areas such as paper, health care and food stocks.
It seems investors have been able to find value in a few beaten-down tech and financial titans, however. Semiconductor-maker
, computer giant
, all of which have been ramping up since mid to late October, were rising again this morning. They were taking the Dow with them -- together adding 42 points of upside to the index. Computer bellwether
was also contributing to the rise, with a 12 point contribution.
Intel was also helping to lift the Nasdaq after its conference call with analysts last night went relatively well. It was one of the index's most actively traded stocks. The other two most active were pressuring the Nasdaq to the downside:
-- partly responsible for yesterday's slide after warning on fourth-quarter earnings -- and
-- which warned this morning on fourth-quarter earnings and said it is exploring strategic options.
Other gainers this morning included tech bellwethers in the PC-making, semiconductor and Internet sectors:
, among others.
Meanwhile, investors today will want to watch wireless communications giant
, which dials in its fourth-quarter results today.
And despite a second earnings warning last night, U.S. retailer
was also higher. Hey, maybe those new leather jackets in stores aren't so bad. But the rest of the sector wasn't looking too hot. The
S&P Retail Index
was falling 0.8% to 796.8.
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Energy stocks were tumbling this morning as oil prices eased back on news of a truce between Israel and Palestine. The
American Stock Exchange Natural Gas Index
was slipping 1.9%, the
American Stock Exchange Oil & Gas Index
was slipping 2.3% and the
Chicago Board Options Exchange Oil Index
was falling 2.3%.
Defensives such as drug stocks and paper stocks were back out of favor today. Drug titan
was slipping 0.97%, and
was 1% lower. Paper giant and Dow component
had slipped 2.1%.
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Bonds opened little changed, with no new factors to spur activity.
The benchmark 10-year
Treasury note was at 100 2/32, down 1/32, to yield 5.749%.
Treasury bondwas at 106 20/32, 3/32 higher, to yield 5.781%.
Initial jobless claims
) for the latest week were unchanged at 308,000.
) for the third quarter rose 3.8%, ahead of forecast of a 3.1% gain, but well down from the prior quarter's 6.1% increase. Unit labor costs rose 2.5%, after a 0.2% fall in the prior period.
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