Newspaper article THE JOURNAL RECORD

Stocks Mixed

Newspaper article THE JOURNAL RECORD

Stocks Mixed

Article excerpt

NEW YORK (AP) -- Stock prices were mixed Thursday as strength in Internet and computer stocks helped the technology sector outperform the broader market.

The Nasdaq composite index rose 28.82 to 2,771.86, a new closing high that beat the record of 2,743.04 set on Wednesday. The Nasdaq, which is dominated by technology stocks, has achieved a record high close in five of the past six trading sessions.

The Dow Jones Industrial Average fell 60.47 to 11,126.89. The blue-chip index fluctuated between negative and positive territory for much of the session, rising as much as 28 points from Wednesday's record close of 11,187.36 before giving up ground.

Nasdaq's strength came from a wide array of technology shares. Yahoo! rose 2 to 164 7/16. after reporting late Wednesday its second quarter earnings easily topped Wall Street expectations.

Computer maker Apple gained 4 to 54 1/2 after BancBoston Robertson Stephens upgraded its outlook on the stock. An analyst at the investment firm cited strong sales of Apple's iMac computer. Dow component Hewlett-Packard rose 6 1/2 to 105 13/16.

But while technology shares built on their recent gains, the broader market struggled to find direction. Alan Skrainka, chief market strategist at Edward Jones in St. Louis, said the continued strength of the U.S. economy, underscored Thursday by strong reports from the nation's biggest retailers, has stunned many investors.

"Investors are wrestling with a tug-of-war between strong corporate profits and higher interest rates," he said. "A strong economy produces both."

Indeed, strong second quarter profit forecasts have propelled markets to record levels in recent sessions, but even good news failed to prop up many faltering stocks Thursday.

General Electric beat analysts' estimates by a penny, but its stock, which rose sharply Wednesday in advance of the report, slipped 15/16 to 117 Thursday as investors locked in their profits from that gain. …

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