US tech stocks give market modest boost
A rally in US tech stocks has lifted the overall market as investors looked past another round of lukewarm earnings reports.
The Dow closed up 5.54 at 9,345.62, while the Nasdaq composite index rose 27.09 to 1,731.53.
The Standard & Poor's 500 index advanced 0.37 to 1,085.15 and the Russell 2000 index inched up 0.28 to 427.65.
Investors were careful in their dealings, which was apparent in fluctuating stock prices and that more stocks traded lower than higher.
The Dow's biggest gain came from IBM, which rose $2.76 to $108.57 and posted better-than-expected earnings last Wednesday.
Among blue chips, Sears Roebuck rose 52 cents to $38.31 on earnings that were also a penny higher than anticipated. The company also announced a restructuring plan that includes shedding 4,900 jobs.
On the downside, the Dow's biggest loser was Kodak, tumbling $3.46 to $30.71 after meeting earnings expectations but warning of reduced fourth-quarter profits. Kodak is also cutting between 3,500 and 4,000 extra jobs, doubling the 3,500 cuts announced in April.
Amazon.com plunged 20%, down $1.91 at $7.64, after posting a loss inline with expectations late yesterday, but indicating that business remains tough.
The internet retailer said fourth-quarter sales will be modest, ranging from flat to up 10%, and announced 1,300 job cuts.
Declining issues narrowly outnumbered advancers nearly 17 to 13 on the New York Stock Exchange. Volume was 1.33 billion shares, compared with 1.31 billion shares traded yesterday.
