Blue-chip stocks managed to regain their equilibrium Thursday, but tech issues continued their unceremonious descent as the Nasdaq composite fell 31 points to close at 1,940.78.
The Dow Jones industrial average picked up 58 points to
finish at 10,031.28 after Wednesday's 317-point plunge knocked it below 10,000 for the first time since October.
Analysts credited this to some bargain-hunting and the surprisingly
resilient performance of Asian markets after Wednesday's meltdown.
However, few analysts were willing to predict a particularly bright
future for emotionally scarred investors.
"I don't think we're out of the woods yet. I think there will be still more
tears and pain and torture before a serious reversal can take place," said
Peter Cardillo, director of research at Westfalia Investments.
Nokia helped out the tech
sector when it reiterated its projections for first-quarter growth
while simultaneously warning that sales are slowing. Its shares gained $3.15
to $24.95 as investors applauded the report--mainly because they had been
expecting much worse news after recent warnings from Motorola, off 8
cents to $14.41, and Ericsson, down 6 cents to $5.84.
Among widely held PC stocks, Dell Computer clipped 25 cents to $24.13; Gateway
fell $1.18 to $14.91; Apple Computer shed 75 cents to $19.69, and Compaq Computer
picked up 25 cents to finish at $18.60 ahead of its profit warning.
Oracle lost $1.31 to $14.75 ahead of its quarterly report. Microsoft
trimmed 31 cents to $53.69, and Sun Microsystems ended down 38 cents to
Ciena moved up
$1.50 to $54.88 after executives made some upbeat comments during an
investment conference Thursday.
Cisco Systems inched up 6 cents to $20.31. Lucent Technologies pushed up
2 cents to $11.04, and Nortel Networks closed up 53 cents to $15.90.
Nextel Partners gained $1.69 to $14.75 after the company reiterated its
2001 financial forecasts. The company's partner, Nextel Communications closed
off 88 cents to $13.75 after it warned Wednesday that it would miss
its first-quarter numbers.
Yahoo shares lost 31 cents to $15. America Online Time Warner gained 55
cents to $40.59, while eBay and Amazon.com rose 63 cents and 38 cents a
share, respectively. CMGI shares slid 28 cents to $3.
Shares of SanDisk fell $1 to $19.88 after the company said its
first-quarter numbers would be "significantly lower" than expected because of a
slumping economy and customer inventory corrections.
Intel shed 56 cents to $28.50. IBM tacked on 60 cents to $95.56, and
Advanced Micro Devices closed off 34 cents to $23.60.
Staff and Reuters contributed to this report.