Another round of profit warnings brought high-tech stocks sharply lower and quashed a blue chip advance on Wall Street yesterday.
The focus on earnings outweighed investors' relief over an apparent end to the presidential election deadlock.
Tech stocks sagged in response to the latest high-tech earnings warning, issued by Compaq Computer after the market closed on Tuesday. A drop in retail sales during November added to the market's skittishness.
Blue chips got a moderate bump up. But an earnings warning by Whirlpool and weaker-than-expected November retail sales caused the Dow Jones industrials to retreat from an early 120-point advance.
The Dow closed slightly higher, up 26.17 at 10,794.44.
But the Nasdaq composite index fell 109.00 to 2,822.77, and the Standard & Poor's 500 index finished down 10.66 at 1,360.52.
The market had an early surge in response to the US Supreme Court's decision that apparently gave the presidency to Texas Governor George W. Bush. Wall Street, which hates uncertainty, no doubt appreciated an end to the stalemate.
