US stocks ended mixed Wednesday as declines in technology issues such as Microsoft and Yahoo were offset by gains in blue chip manufacturers like General Motors.
Published:
17 January 2000 y., Monday
"I think we are seeing a continuation of last week and this week with some of the euphoria over the tech sector dissipating," said Michelle Clayman of New Amsterdam Partners. "Many tech stocks have high valuations and there is some profit taking."
Based on early and unofficial data, the technology-rich Nasdaq Composite Index finished down 71.29 points, or 1.82 percent, at 3,849.90. The blue chip Dow Jones industrial average rose 40.02 points, or 0.35 percent, to 11,551.10. The Standard & Poor_s 500 index closed down 6.31 points, or 0.44 percent to 1,432.25.
Microsoft (MSFT) dropped 3 9/16 to 105 13/16 as people familiar with mediation talks said the US government favors breaking up the company to settle its landmark antitrust case. A Justice Department spokeswoman said a USA Today report earlier Wednesday that gave details of the way Microsoft would be restructured was inaccurate, but did not elaborate.
Yahoo (YHOO) declined 39 13/16 to 357 9/16 despite reporting a four-fold increase in profits, and a two-for-one stock split, late on Tuesday. The company_s warning that its future rise in revenues would be more modest concerned investors.
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