(Updated from 6:30 p.m. EST)
Turned off by today's triple-digit losses on the major averages -- the
Dow Jones Industrial Average finished down 120 points to 10,864 and the
Nasdaq Composite Index ended behind 122 points to 2660.5 -- market players have thought twice about sticking around for Round Two. Volume in tonight's extended trading session has been thin, although not unusually so for a Friday night.
Good News Is Bad News
By all accounts, investors have a lot to think about this weekend. This morning's
employment report, which indicated stronger-than-expected job growth, has put a damper on Wall Street's hopes for an intermeeting rate cut. The
jobs report, considered the best single measure of the economy, suggested that the economy might be healthier than market experts had thought.
Still, the January data, which also revealed a rise in the unemployment rate, presented a rather contradictory picture. Market followers will be mulling over today's cloudy news in the coming days.
In the meantime, tech issues showed small price movements on the night watch, while penny stocks attracted a bit of investor attention this evening.
Battered Tech Stocks Still Bruised
The Nasdaq endured one of its worse losses of the year today, leaving many tech stocks in bad shape for the weekend. Given the chance to recover in the postclose action, they failed to do so, for the most part.
, which dropped 5.6% during the day, declined 0.2% to $35.63 on
, which fell 7.2% in the regular session, decreased 0.4% to $35.38 on Instinet and fell 0.2% to $35.44 on Island. While Cisco and Intel were the most actively traded stocks on the Nasdaq during the day, they have seen low volume tonight.
Some technology stocks managed to recover, if only slightly. Fiber-optic equipment manufacturer
edged up 0.5% to $50.25 on Instinet and Island, having dropped 10.4% during the day. Separately, networking equipment manufacturer
rose 0.8% to $101.48 on Instinet and moved up 1.1% to $101.75 on Island, having fallen 7% in regular action.
Penny Stocks Make Big Percentage Moves
, which is often a volume mover on Island, has topped the platform as tonight's most active stock. Shares of the beleaguered Internet company lowered 4% to 30 cents on Island.
In other penny stock action,
fell 4% to 18 cents on Island. During the regular session, the Internet company announced that it has completed the sale of its radio contracts and related assets to
for C$1 million ($667,824) in stock plus 1 million SurferNETWORK shares, for an initial purchase price of C$2.25 million.
Affinity Technology Group
hopped 12.5% to 28 cents on Island.
This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.