Jun 24, 2003 (01:06 PM EDT)
TECH STOCKS: Mixed Economic Road Signs Stall Markets
Read the Original Article at InformationWeek
Investors didn't seem too eager to move Tuesday, the day before the Federal Reserve is expected to once again cut short-term interest rates. What financial news did occur Tuesday was mixed. According to the Conference Board, consumer confidence fell in June to 64.9 points from 67.3 last month. But survey respondents say they expect things to improve shortly.
In the tech sector, Advanced Micro Devices' warning of lower-than-expected sales helped drag down the Nasdaq. AMD was one of the InformationWeek 100's top losers, closing down 4.3%, or 28 cents, to end the day at $6.31. The Nasdaq-100 Index tracking stock fell 28 cents, or 0.9%, to $29.63 on moderate volume of 82.7 million shares.
Our InformationWeek 100 fell 1.85 points, or 0.8%, to 243.63. The Nasdaq composite index fell 0.3%, or 5.24 points, to close at 1,605.51. On the other hand, the Dow Jones rose 36.9 points, or 0.4%, to 9,109.85, and the Standard & Poor's 500 rose 1.8 points, or 1.8%, to 983.44.
John Caldwell, chief equity strategist for McDonald Financial Group, a unit of KeyCorp, told the Associated Press on Tuesday, "What we are looking for tomorrow is confirmation of what the Fed has already told us ... that there will be a second-half recovery and this rate cut [would be] an insurance policy against deflation."