Technology stocks sagged on Wednesday after bellwether Cisco Systems Inc. reported a sharp quarterly loss and remained guarded about the future, dimming hopes the sector can quickly snap out of its slump.

The blue-chip Dow Jones industrial average also gave way to selling pressure by the end of the day, falling 22.96 points to 10,860.55. The broader Standard & Poor's 500 Index dropped 5.89 points to 1,255.31.

"Old" Economy behemoth General Electric Co. put a floor under blue-chip shares for part of the session after it said it was well positioned to battle the economic downturn and narrowed its full-year profit target.

GE turned lower by the end of the session, however, falling 5 cents to $49.43.