yesterday, only less compelling.
The earnings-driven momentum that enhanced the tech sector yesterday is sparse, and that's left the market numbed in a reasonably low-volume day. The
Nasdaq Composite Index
are still managing advances, while the
Dow Jones Industrial Average
continue to slump.
Dow Jones Industrial Average
was lately underwater, down 83, or 0.7%, to 11,268. Most of that decline could be blamed on
Procter & Gamble
, down 6 15/16, or 6.2%, to 105 5/8. The company is considering possible acquisitions of drug manufacturers
American Home Products
"It's more or less that tech is not getting hit as hard as the consumer cyclicals and consumer staples which dominate the Dow," said Jeffrey Warantz, equity strategist at
Salomon Smith Barney
. "Some tech stocks are up a hair and down a hair, but there's nothing going on techwise, and therefore there's nothing going on Nasdaq-wise."
Regardless, the index continues to power higher. The gains, according to strategists, remain thin, and breadth is still a question in this index, as traders continue an opportunistic approach to buying. The Comp was lately up 37, or 0.9%, to 4226; any positive close would be a record. The
was also higher, up 4, or 0.9%, to 532.
Still, the names that are responding to news don't have the strength to pull an Atlas, carrying the rest of their sectors on their backs. Yesterday, Nasdaq names such as
appeal, but today the movers, such as
, also a Russell 2000 stock, have much smaller shoulders.
VerticalNet was today one of the Nasdaq's top performers after announcing a $100 million investment from
yesterday. VerticalNet lately was up 43 1/16, or 22.3%, to 236 5/8. On the Big Board,
was still benefiting from its announcement two days ago that
was taking a 5% stake in the company. The stock was up 11 3/8, or 35.4%, to 43 1/2.
The Comp's most active was Microsoft, which, other than making investments, was trading on little news. The software company and defendant was lately down 1 3/16 to 104 13/16 on 23 million shares.
TheStreet.com Internet Sector
index was strong, up 19, or 1.6%, to 1164.
was helping out with a gain of 7 1/8 to 359.
was the NYSE's most active, after reporting disappointing first-quarter earnings of 36 cents a share last night. The stock was down 3/16 to 52 5/16 on 21.5 million shares. The 27-analyst consensus called for 37 cents.
The bond market continues to run scared from inflation threats such as higher crude oil prices.
members are posturing that their 7% production cuts instituted in March 1999 could continue past the March 2000 expiration date, and the U.S. -- especially regions experiencing colder-than-usual weather -- is feeling the pinch of higher fuel and heating costs.
The 30-year Treasury bond was doing better today, up 8/32 to 92 10/32, yielding 6.73%. Crude oil futures traded on the
New York Mercantile Exchange
were lately up 49 cents to $28.46 a barrel.
As one would figure, the oil and gas companies are making hay today. The
Philadelphia Stock Exchange Oil Service Index
was up 3.3%. The
Dow Jones Transportation Average
was being grated like cheddar, lately down 0.7%, while the
Dow Jones Utilities Average
was solidly higher, up 1.7%.
New York Stock Exchange:
1,253 advancers, 1,617 decliners, 753 million shares. 84 new 52-week highs, 94 new lows.
Nasdaq Stock Market:
2,030 advancers, 1,840 decliners, 1.14 billion shares. 307 new highs, 53 new lows.
For a look at stocks in the midsession news, see Midday Movers, published separately.