NEW YORK (AP) _ Prices were narrowly mixed on Wall Street Wednesday as investors, disappointed by the Federal Reserve’s stand on interest rates, had little reason to make any major commitments to stocks.
In the first hour of trading, the Dow Jones industrial average was down 21.50 at 10,881.82.
The Nasdaq composite index was up 13.24 at 2,440.96, while the Standard & Poor’s 500 index was up 0.51 at 1,319.31.
Investors were still unsettled by congressional testimony Tuesday from Federal Reserve Chairman Alan Greenspan, who indicated that interest rate cuts will be less agressive than investors wanted. After first buying Tuesday on Greenspan’s comments, investors began selling amid growing concerns about how long it will take for the economy to regain momentum.
A poor earnings outooks added to the glum mood on Wall Street.
JDS Uniphase was off 13 cents at $39.13 after warning of lower-than-expected earnings even as it completed a long-delayed $17 billion stock acquisition of SDL Inc.
Overseas, Japan’s Nikkei stock average rose 0.1 percent. In afternoon trading, Germany’s DAX index fell 1.2 percent, Britain’s FT-SE 100 lost 0.8 percent, France’s CAC-40 was down 1.6 percent.
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