Tech Stocks Rise; Dow Drops 43.51
NEW YORK (AP) _ Technology stocks rose sharply today, but blue-chip issues gave back some of Friday’s record-setting gains.
At 3 p.m. on Wall Street, the Dow Jones industrial average was down 43.51 at 8,105.62, after surrendering an early 9-point gain. The Dow, which has risen for six straight sessions, gained 99 points on Friday, moving about 110 points from its all-time best close at 8,259.31, set Aug. 6.
Broad market indicators were mixed, with smaller-company shares outperforming the blue chips.
The Dow’s biggest decliner was Coca-Cola, which fell 2 5/8 at 63 7/16 after Morgan Stanley Dean Witter lowered its earnings forecast for the soft-drink maker.
Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume came to 396.24 million shares, down from Friday’s pace.
The Standard & Poor’s 500 list, which on Friday closed at a record high for the first time since early October, was down 2.27 at 981.52. The NYSE composite index, which also set a new high on Friday after a two-month drought, was down 1.58 at 512.73.
The technology-heavy Nasdaq composite index was up 14.99 at 1,648.89, led by Microsoft, up 3 1/8 at 146 1/4, and Dell Computer, up 1 15/16 at 95 11/16.
The Russell 2000 index of smaller companies was up 3.29 at 441.35, and the small-company dominated American Stock Exchange composite index was up 2.75 at 673.02.
On Friday, stocks rallied as a surprisingly strong economic report eased worries about weak profits instead of spurring the usual attack of inflation jitters.
Overseas, Tokyo’s Nikkei stock average fell 1.8 percent, Frankfurt’s DAX index rose 1.3 percent and London’s FT-SE 100 rose 0.9 percent.