Another Record High for Dow; Tech Stocks Drop Nasdaq
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
American technology stocks pulled the Nasdaq Composite Index down from a six-year high, while DuPont Co. led the Dow Jones Industrial Average to its third straight record as oil prices tumbled.
The Standard & Poor’s 500 Index rose after crude’s slide to a 19-month low lifted airlines and shipping companies including AMR Corp. and FedEx Corp.
Symantec Corp. dropped the most in 14 months after the largest maker of anti-virus software cut its full-year profit forecast, dimming the earnings outlook for computer-related shares ahead of Intel Corp.’s quarterly earnings report. Technology shares are the market’s best performers this year.
“The bears ruled in tech land and the bulls had their day with the drop in oil prices,” a manager of $575 million at Wedgewood Partners Inc. in St. Louis, David Rolfe, said.
The Nasdaq slipped 5.04, or 0.2%, to 2497.78, retreating from its highest close since February 2001. The Dow industrials rose 26.51, or 0.2%, to 12,582.59. The S&P 500 added 1.17, or 0.1%, to 1431.90.
Expectations that profits at technology companies will increase as new products spur sales helped give American stocks a boost last week. After the market closed today, Intel reported a 39% drop in fourth-quarter profit, while its sales beat analysts’ estimates. Shares of the world’s largest computer-chip maker fell 73 cents to $21.57 in extended trading.
In other markets, U.S. Treasuries advanced for the first time in more than a week after a report showed manufacturing growth in New York state slowed, the dollar rose to a 13-month high against the yen and gold fell.