(Updated from 10:49 a.m. EDT)
was the catalyst for a roaring rally in optical stocks at the open, which helped to extend yesterday's late afternoon rally on the
Nasdaq Composite Index. But the optical stocks and the Nasdaq were lately pulling back, some names even turning lower. The Comp has been see-sawing around the flatline recently.
JDS last night issued a bullish outlook for coming quarters as part of its third-quarter
But it's hard to tell where the market will close today. The past week has been plagued by levels of volatility not seen in some 10 years. And some analysts are skeptical of the mismatch between
and JDS' numbers. (
earlier wrote about
And this morning's
gross domestic product figures revealed a sharp slowdown in economic growth in the third quarter, which could fuel investor jitters over slowing corporate profits.
Opticals and networking stocks, among the most recent tech darlings of Wall Street, flattened the Nasdaq on Wednesday following Nortel's post-close Tuesday warning of slowing optical sales. Worries about earnings in these sectors also slammed the Nasdaq on Thursday morning, though the index made a stunning turnaround in late afternoon and managed to close higher.
JDS Uniphase, which began its recovery late yesterday, was lately up 6.2%. Other fiber-optic stocks were up, too:
was 1.5% higher,
was climbing 6.3%, and
was 5.1% higher.
Networking infrastructure maker Nortel was also up, lately by 2.3%. But lately
had turned down, falling 2.9% and 4.0%, respectively.
Dow Jones Industrial Average, which hasn't been beaten up over the past few weeks like the Nasdaq, was extending its morning rally, helped by strength in
, up 4.1% and adding about 21 points to the Dow.
was also higher, up 2.4% and contributing 6 points of strength to the Dow. The stock has been slowly coming back of late after losing over half its value following an early September earnings warning.
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Most tech sectors were in the green this morning, though biotech and semiconductors were not. Biotech, which has been a tech safe haven for the past few weeks, was suffering after
cut its sales and earnings forecasts.
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Bonds initially rallied after the GDP numbers but then fell back. They were lately unchanged.
The benchmark 10-year
Treasury note is unchanged at 100 13/32, yielding 5.696%.
Treasury bond is also unchanged at 107 10/32, yielding 5.733%.
Economic data this morning were weaker than expected.
) for the third quarter rose 2.7%, after a rise of 5.6% in the prior period. An increase of 3.4% had been expected.
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