The blue-chip Dow average rose modestly to end above the key 10,000 mark for the first time in three days after Microsoft reaffirmed its fiscal-year outlook, but broader stock indexes fell after a seesaw day.
Persistent worries about weak corporate earnings dogged the broader stock market, despite pockets of good news.
"You don't have anything out there that is a compelling reason for anybody to be buying stocks right now," said Mr Ned Collins, a trader at Daiwa Securities America.
"Even though there are some stocks out there that are trading at $10 that were $80 a year ago, if they are still selling at 40 times earnings, then they are still pretty expensive."
Microsoft's chief financial officer Mr John Connors repeated the company's financial guidance for the current fiscal-year 2002, and the company said it still expects a boost from its new Windows XP operating system in the fall.
