Many major sectors were trading above their lowestlevels of the day, following news of an American Airlines planecrash near New York's John F. Kennedy airport.
Travel-related stocks were hit the hardest. The
American Stock Exchange Airline Index
was down 6.3% to 64.84. The index has lost 46% of its value since the terrorist attacks on Sept. 11. In recent trading,
, the parent of American Airlines, was down 12.2% to $15.92. The other major airlines were all trading lower.
had lately moved off their worst position of theday. Trading in the stock was delayed shortly before 10 a.m. EST because of an order imbalance, but the company's shares were recently down 1% to $32.91. Since Sept. 11, Boeing's stock has lost 25.2%.
were lately off 3.54% to $38.99 and neartheir lowest levels of the day. GE was the second most-active stock on the
NewYork Stock Exchange. The American Airlines plane that crashed Monday morning was powered by GE engines.
Another maker of jet engines,
was off 3.24% to $39.10.
The major equities averages were well above their session lows. The
Dow Jones Industrial Average was recently off 48.8 points, or 0.51%, to 9559.3. The measure had been down almost 200 points earlier in the day. The
Nasdaq was down 0.5 points, or 0.03%, to 1828, while the
S&P 500 was down 4.88 points, or 0.44%, to 1115.43.
The most actively traded stock on the Big Board continued to be
, which was up11.4% to $9.61. Energy-trading rival
has agreed to buy Enron for $8 billion in stock. The deal includes assumed debt that gives the transaction a total value of as much as $24 billion. Dynegy was higher by 14% at $44.20.
Technology stocks were mixed.
AOL Time Warner
was down 0.54% to $76.90, while
was lower by 1.2% to $7.64.
Networking stocks got a lift after
saidfourth-quarter earnings could exceed analysts' estimates. Ciena also set plans to slash 10% of its workforce and take a $1.7 billion charge. The stock was lately up 11.3% to $19.12.
was up 2.8% to $9.44.
Among other sectors, defensive groups were down fractionally. The
American Stock Exchange Pharmaceutical Index
was off 0.72% to 388.4.
was down 0.94% to $64.
was lower by 0.45% to $41.94. The drug index has risen 1.7% since Sept. 11.
American Stock Exchange Tobacco Index
was down only 0.32% to 401.54.
was behind by 0.30% to $46.69. The index of tobacco stocks has lost 3.3% since Sept. 11.
Philadelphia Stock Exchange Semiconductor Index
was trading above its intraday low and was lately off 0.71% to 503.2. The index of chipmakers has risen sharply from the lows reached in late September. Since Sept. 11, the SOX is down 1.2%.
was down 1.08% to $27.57.