Stocks Mixed; Dow Down 77
NEW YORK (AP) _ Blue-chip stocks slipped into negative territory in late morning after opening stronger, but a runup in technology shares kept broader stock indexes higher.
At 11 a.m. on Wall Street, the Dow Jones industrial average was down 77.50 at 9,263.05, after rising as high as 9,398.99, up 58.44, in the first hour.
Broader stock indicators were higher, although they were narrowing their gains. The Nasdaq composite, which is heavily weighted in technology shares, was up 27.13 at 2,375.33. The Standard & Poor’s 500 index was down 2.44 at 1,240.82.
Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume came to 257.6 shares.
Technology shares got a boost from the announcement that At Home Corp. willl buy Excite Inc., one of the leading destinations on the World Wide Web, for about $6.7 billion in stock in one of the largest Internet company deals ever.
Excite’s shares shot up 23 1/2 to 91, but At Home’s shares were down 2 at 100 after being higher earlier in the day.
Internet-related stocks were higher. On the Big Board, AOL was up 2 1/4 at 148 3/4. In Nasdaq trading, Lycos was up 11 9/16 at 99 7/16.
The market was digesting an unusually large helping of corporate earnings reports. Industrial companies reporting this morning included Honeywell, Clorox, Parker-Hannifin and Morton International.
High-profile financial services companies reporting this morning included Chase Manhattan; Bear, Stearns; BankAmerica and Keycorp. Chase shares were up 2 11/16 at 73 9/16, but BankAmerica’s were down 1 7/8 at 62 11/16.
So far, earnings reports have been ``pretty much on target, perhaps a little bit on the positive side,″ said Larry Rice, market strategist at Josephthal and Co.