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Tech Industry

Markets await election results

Technology stocks, blue chips end day lower as investors wait for election results.

Technology stocks pulled the Nasdaq Composite Index lower today while blue chips ended flat as investors waited to see what impact today's elections would have on the market.

The Dow Jones Industrial Average, which has climbed for four straight days, rebounded from early lows to close unchanged from yesterday's 8,706.15. The technology-heavy Nasdaq index dropped 12.4 or 0.69 percent, to 1,788.51.

The index yesterday pushed above 1,800 for the first since late August.

"Today the bull is taking a breather,'' said Jack Shaughnessy, chief market strategist at Advest. "It is also Election Day, and I think people are waiting on the outcome and how that would effect the market.

"Additionally, I think people are starting to wonder if the Fed is going to drop rates again, so these are issues that keep the market on hold," he added.

After days of strong gains, many technology bellwethers retreated, leading the Nasdaq back under the 1,800 level.

The most actively traded issue on the Nasdaq today was telecommunications equipment maker Ciena with 32.1 million shares trading hands.

Yet the company's shares changed course today, falling 16.33 percent after Ciena announced a deal with Enron Communications to provide equipment for the construction of a new nationwide IP-only backbone network. The stock had climbed over the past four trading days on rumors that Ciena was takeover target, as well as indications that the company was about to sign a major deal with a telco.

Another major market mover today was K-Tel whose shares rocketed after the company announced that it was launching a cobranded online music store with Playboy. K-Tel stock soared 92.73 percent today to 13.25. It was the fourth most active stock on the Nasdaq with 16.5 million shares traded.

Dell Computer, 3Com, and Cisco Systems were the second, third and fifth most actively traded stocks on the Nasdaq.

Cisco slipped 2.03 percent with 15.9 million shares traded, while Dell dipped 2.65 percent with 19.1 million shares trading hands. 3Com shed 6.21 percent with 17 million shares traded.

Reuters contributed to this report.