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Stocks bounced back Tuesday after two days of declines, as investors betting on better times nibbled on tech issues. But a downbeat forecast from Verizon, the nation's largest telephone company, kept a damper on buyers' enthusiasm.
Verizon's shares fell $1.58, or 4.6%, to $33.13, after it projected that 2003 earnings would fall short of Wall Street forecasts, in part because of costs of new labor pacts and weak demand for its services. Two other carriers, SBC Communications and AT&T, both Dow components, were also hit by Verizon's news and ended the day lower.
Our InformationWeek 100 regained more than half of its 2.2% loss from Monday, rising 1.2%, or 3.53 points, to close at 290.01. The Nasdaq Composite also regained most of its Monday loss of 1.6%; it rose 1.5%, or 27.10 points, to 1,901.72.
The Dow industrials and the S&P 500 also made up some lost ground. The Dow rose 0.4%, or 40.63 points, to close at 9,576.04. The S&P 500 rose 0.6%, or 6.22 points, to 1,029.03. The Nasdaq-100 tracking stock rose 60 cents, or 1.8%, to $34.52.