Investors looking for a relief rally got a bit of a break this morning. But even after yesterday's

market meltdown, Wall Street experts are not convinced that stocks have hit bottom.

On the heels of yesterday's 436-point loss on the

Dow Jones Industrial Average, the

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blue-chip index has been rising and falling all morning. But while every Dow stock closed down yesterday,

American Express

(AXP) - Get Report


General Electric

(GE) - Get Report


J.P. Morgan Chase

(JPM) - Get Report




were higher in recent trading.


Nasdaq Composite Index, which closed below 2,000 yesterday for the first time since December 1998, was gaining. At last look, large-cap technology stocks that hit new 52-week lows yesterday were bouncing back from the selloff.

Sun Microsystems

(SUNW) - Get Report

advanced 4.8% to $17.88,


(ORCL) - Get Report

rose 6.2% to $16.06 and

Juniper Networks

(JNPR) - Get Report

lifted 2.1% to $50.75. Groups on the upswing included chipmakers, PC manufacturers, and dot-coms.

In the face of today's gains, market gurus caution investors to beware of a sucker's rally, because there aren't any catalysts for a sustainable rally. "We are way oversold here, but the problem with yesterday's selloff is that there was no real volume -- not enough to convince anyone we've seen a real bottom in here," said Ray Hawkins, vice president of block trading at

J.P. Morgan Chase


As if the headlines from


(CSCO) - Get Report

could get any worse. Just days after it set plans to slash up to 17% of its workforce, the networking giant

said it remains doubtful about its future. "We are not seeing a turnaround," CEO John Chambers said this morning at the

Merrill Lynch

Global Investor conference in New York. Six weeks into the networking giant's fiscal third quarter, Chambers said, "We see the same slow growth we saw in January." Despite the comments, Cisco was up 5.98% to $19.94 -- though its bad news was one of the catalysts for yesterday's plunge.




-- up 0.3% to $15.01, said it's cutting 7,000 jobs in its cell-phone unit and taking a charge on its first and second-quarter results. Just yesterday, rival



-- off 2.99% to $6.09, said it would report a loss instead of a profit for its upcoming fiscal first quarter.

In economic news, the

retail sales report for February, released this morning, confirmed that consumers curbed their spending significantly last month. Sales were much lower than economists had been expecting. The data help make the case for aggressive rate cuts to get the economy back on its feet. Indeed the

fed fund futures contract, a good proxy of expected monetary policy, has fully priced in a 50 basis-point ease in the

fed funds rate at the

Federal Reserve's upcoming meeting on March 20.

On the mergers and acquisitions front, mobile-phone maker


(NOK) - Get Report

-- up 4.9% to $22.49, announced it was selling two plants to contract manufacturer

SCI Systems

(SCI) - Get Report

-- higher by 4.3% to $16.70. And diversified conglomerate



-- lower by 10.6% to $45.31, struck a deal to buy

CIT Group

(CIT) - Get Report

-- up 34.95% to $30.65, for about $9.2 billion.