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7/28/2004
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Buyers Jumped Into The Markets After Lunch

Spiking fuel prices were blamed in a big drop during the first half of the day. Bargain shopping apparently salvaged the situation.

But for a midday rally, Wednesday might have been a very bad day. All of the indexes we cover started the day like a high-dive champ--one jump up and then down. Early on, the selling was blamed on fuel prices that once again are spiking. But then buyers stepped in, pushing the Dow and the S&P 500 just into positive numbers.

Tech shares weren't so well off. The Nasdaq fell 0.6% compared with Tuesday, a drop of 10.84 points, to 1,858.26. Our InformationWeek 100 fell 0.4%, or 1.19 points, to 280.53. The Dow was up 0.3%, or 31.93 points, to 10,117.07, and the S&P 500 rose 0.05%, or 0.59 of a point, to 1,095.42.

The Nasdaq-100 tracking stock was down 0.4%, or 15 cents, to $34.38 on heavy traffic of 154 million shares.

Was this a bottom today? Did buyers come in because they sensed an underpriced market? Tune in tomorrow to find out.

See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.

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