High-tech stocks held onto strong gains in late afternoon trading in New York today, but blue chips staggered lower as investors dove back into technology shares, hoping the worst is over for the battered group.
The opposing moves left the broader market listing slightly lower, just a day after investors piled into stocks for fear of missing a major rally and sent major market indexes upward.
Semiconductor stocks - bolstered by positive comments from a Wall Street analyst - led technology stocks higher, and the Nasdaq Composite Index rose 40 points, or 2.18 per cent, to 1,892.
But consumer products and drug stocks, which are often sought as safe havens in times of economic uncertainty, suffered declines as the high-tech buying spree picked up speed.
Their losses helped drive the blue-chip Dow Jones industrial average down 147 points, or 1.47 per cent, to 9,954 - near its low for the day of 9,951. At midday, the Dow fell below the psychologically key 10,000-point level.
The broad Standard & Poor's 500 Index slid five points, or 0.46 per cent, to 1,162.