Nasdaq Gains 1; Dow Falls 1
NEW YORK (AP) _ Stocks were mixed at the opening of trading Friday as many blue-chip stocks struggled but tech shares continued their strength from the day before.
In the first hour of trading on Wall Street, the Dow Jones industrial average was off 0.73 points at 11,054.91.
The Standard & Poor’s 500 index was off 0.92 points at 1,495.15 and the Nasdaq composite index was up 1.15 at 3,942.02.
Trading has been light in recent days as traders look ahead to next Tuesday’s Federal Reserve meeting. Investors are hoping that the Fed has finished with its credit-tightening campaign and will leave interest rates alone for the time being.
SBC Communications was off $3.063 at $38.50, a day after news came out that the Texas-based phone company is being accused in a lawsuit of intentionally slowing the speed at which customers can connect to the Internet.
Tech bellwethers continued their upward momentum from the day before. Intel was up $1.563 at $71.625 and Sun Microsystems, which declared a 2-for-1 stock split Thursday, rose $3.063 to $122.50.
Declining issues outnumbered advancing ones by a 4-to-3 margin on the New York Stock Exchange, where volume came to 150.92 million shares, up from Thursday’s pace.
The Russell 2000 index was down 0.55 points at 515.91.
Overseas, Japan’s Nikkei stock average rose 0.7 percent. In afternoon trading, Germany’s DAX index was down 0.6 percent, Britain’s FT-SE 100 was up 0.2 percent, and France’s CAC-40 was down 0.5 percent.
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com