Warnings leave stocks on the edge
Stocks closed mixed yesterday as investors turned jittery over a batch of earnings warnings by technology companies. The Dow Jones industrial average ended up 5.72 points at 8,018.83 following Monday's 190-point gain.
In the broader market, advancing issues led declines 16-13 on volume of 579 million shares on the New York Stock Exchange.
The Nasdaq composite index, laced with tech stocks, fell 24.34 points to 1,606.38.
"The market is generally pretty nervous as we approach our old highs, especially after (Monday's) strong gains," said Mr Gary Anderson, a money manager at Anderson & Loe.
"People are buying into defensive and consumer issues," he said. "Technology is a very aggressive area."
Markets were on edge ahead of a speech by Fed chairman Mr Greenspan.