Stocks Mostly Higher; Dow Up 6.22
NEW YORK (AP) _ Stocks were mostly higher in early trading today, but the technology sector stumbled again amid a spate of profit warnings from the group.
At 10 a.m. on Wall Street, the Dow Jones industrial average was up 6.22 at 8,025.05.
Broad-market indicators were mostly positive, but the technology-heavy Nasdaq composite index sagged 3.07 to 1,603.30 as investors reacted to a dire forecast from 3Com.
Late Tuesday’s warning by the maker of modems and computer-networking equipment followed a stream of disappointing announcements earlier in the day by other technology concerns.
Advancing issues outnumbered decliners by a 4-to-3 margin on the New York Stock Exchange, where volume came to 67.51 million shares, about even with Tuesday’s early pace.
The Standard & Poor’s 500 list was up 1.34 at 937.02, the NYSE composite index was up 1.00 at 508.64, and the American Stock Exchange composite index was up 0.63 at 666.33.
3Com was down 2 3/4 at 32 9/16 and Cisco Systems, the bellwether of the networking industry, was down 1 9/16 at 84 15/16 as two most active Nasdaq issues.
On Tuesday, technology shares fell sharply, but most sectors were little changed as investors hesitated to bid the market back into record territory after Monday’s big rally. The Dow rose 5 points, but several broad-market indexes drifted lower.
Overseas, Tokyo’s Nikkei stock average fell 1.9 percent. In afternoon trading, Frankfurt’s DAX index was up 0.2 percent and London’s FT-SE 100 was slightly lower.