Wall Street Stocks Mixed
Oct. 20, 2000
NEW YORK (AP) _ Stock prices were mixed Friday as investors took some profits from Thursday's big rally and continued their search for bargains among technology issues.
In midday trading, the Dow Jones industrial average was off 10.36 at 10,132.26, after opening lower and then briefly bouncing upward.
Broader indicators were higher. The Nasdaq composite index rose 71.60 to 3,490.20. The Standard and Poor's 500 index was up 8.07 at 1,396.83.
``This is just daily trading noise,'' said John Cleland, chief investment strategist at Security Benefit Group. ``More than anything, we're seeing normal profit-taking in response to yesterday's surge in the markets.''
Much of the activity on the Dow appeared related to talk that United Technologies was considering buying out Honeywell for $40 billion. Both companies are Dow components. United Technologies fell $8 to $60; Honeywell was up $4.06 at $40.19.
Stock traders also continued their focus on corporate earnings, a day after the major indexes rebounded from one of the biggest plunges this year.
A warning from Circuit City of lower than expected quarterly earnings set the retailer's stock down $7.88, or 38 percent, to $60.13. Wireless communications company Ericsson also fell, down $1.56 to $12.44, after it warned of weak fourth-quarter earnings.
But Merck climbed $1.69 to $79.25 after the pharmaceutical company beat Wall Street's third-quarter estimates.
Technology issues continued their upward trek, lifting the Nasdaq. Microsoft traded up $3.50 at $65.38, extending a nearly 20 percent gain from the previous session. Chip maker Intel, another bellwether issue, was also up again, rising $1.81 cents to $43.75.
Advancing issues outnumbered decliners by a ratio of 11 to 10 on the New York Stock Exchange, where volume came to 541.42 million shares, behind the 598.60 million traded Thursday.
The Russell 2000 index was up 4.92 at 486.22.
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