Stocks Drift Lower

Stocks continued to drift lower on Tuesday, as economic and international concerns remained front and center.

The Nasdaq slipped 6 to 1271, the S&P 500 lost 6 to 800, and the Dow fell 44 to 7524. Volume rose to 1.4 billion shares on the NYSE, and 1.25 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 17-14 on the Nasdaq. Downside volume was 71% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 70-285 on the NYSE, and 33-122 on the Nasdaq.

Lucent gained 1.3% on contract wins.

Overture fell 8.4% on news that Disney signed a deal with Google. Disney is also seeking a buyer for Infoseek.

Nokia gained 1.8% despite warning.

HP , off 0.5%, made a foray into utility computing.

IBM , down 0.5%, is targeting the digital video surveillance market.

Dell , down 0.8%, won a cluster computing deal at Oxford University.

E*Trade , off 1%, named new top execs.

Lending Tree gained 7% after raising guidance.

Pumatech surged 30% to a new 52-week high. The stock has gained 1,000% off its 52 week low of 18 cents.

InfoSpace fell 17% on legal troubles.

SeeBeyond gained 2.2% on a technology overhaul.

Interwoven , down 0.6%, is expanding into Europe.

Ulticom gained 6.5% ahead of Wednesday’s earnings report.

And WiFi got a big breakthrough at, of all places, McDonald’s.

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