Tech was trying to stage some kind of comeback, whether it was a
sucker's rally or not. But on the morning after a massive selloff took the
Nasdaq Composite Index
to record lows, some tech sectors were trying to smile their way into positive territory.
As investors tried to make some money in tech, cyclical stocks and defensives were sent into the red.
American Stock Exchange Internet Architecture Index
recently gained 3.3%, as bargain hunters emerged for
and other companies that build the guts of the Web. To be sure, these stocks have been among the favorites to bail out of. Cisco reached a new two-year low yesterday after it announced an earnings warning and job cuts. Today, it was crawling back, recently gaining $1.50 to $20.38.
were also on the rise. Juniper recently gained 2.5% to $51, PC maker Dell added 5.4% to $23.19 and Sun moved up 4.7% to $17.88.
Chip stocks, tracked by the
Philadelphia Stock Exchange Semiconductor Index
, were also trying to climb back. The index recently gained 2.6%. Chipmaker
, whose troubles helped spark the latest round of market woes, was lately gaining 1.9% to $28.31. Fellow chipmaker
was jumping 6.3% to $43.32.
American Stock Exchange Securities Broker/Dealer Index
also came in strongly, up 3.1%. The latest round of economic data bodes well for aggressive rate cuts by the
Federal Reserve. Lower rates, after all, make it more attractive for consumers and companies to borrow and spend -- and ultimately help jump-start the overall economy. Bank stocks, however, were edging lower.
Consumer spending fell sharply in February. Retail and consumer stocks were hurt by the news. The
S&P Retail Index
lately fell 1.1%. The
Morgan Stanley Consumer Index
, which tracks the performance of industries like beverages, food, pharmaceuticals and tobacco, was off 1.5%. Health care company
recently dipped 0.6% to $46.90. Yesterday it agreed to buy $250 million in shares of
and jointly develop some drugs for obesity and diabetes.
was also helping to lead the sector down. It was off 1.5% to $48.34.