The best thing that could be said for the stock market Friday is that it survived earnings disappointments from two tech heavyweights relatively unscathed.
Shares of Nokia tumbled 9% on its second earnings warning this month, and IBM
slipped 2% on in-line results that included services contracts that came in below Wall Street estimates.
The end result could be a change in mindset for investors, who even found a silver lining in weak economic reports as a sign that perhaps the Federal Reserve won’t have to raise interest rates for a while yet.
The Nasdaq lost 6 to 1995, the S&P 500 gained 5 to 1134, and the Dow rose 54 to 10,451. Volume declined to 1.49 billion shares on the NYSE, and 1.87 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 65% on the NYSE, and 29% on the Nasdaq. New highs-new lows were 106-51 on the NYSE, and 85-21 on the Nasdaq.
Most earnings reports were once again met by selling. DoubleClick , Lexar Media
and Netflix
sustained the worst damage, and Sun
, Siebel
, Cree
, CDW
, PMC-Sierra
, McData
and Transmeta
also fell on their reports.
Avid and E*Trade
were two of the few tech companies reporting that ended the day in the green.
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