The markets rebounded after two days of losses, as investors bet on better times despite a discouraging forecast by Verizon.
Stocks bounced back Tuesday after two days of declines, as investors betting on better times nibbled on tech issues. But a downbeat forecast from Verizon, the nation's largest telephone company, kept a damper on buyers' enthusiasm.
Verizon's shares fell $1.58, or 4.6%, to $33.13, after it projected that 2003 earnings would fall short of Wall Street forecasts, in part because of costs of new labor pacts and weak demand for its services. Two other carriers, SBC Communications and AT&T, both Dow components, were also hit by Verizon's news and ended the day lower.
Our InformationWeek 100 regained more than half of its 2.2% loss from Monday, rising 1.2%, or 3.53 points, to close at 290.01. The Nasdaq Composite also regained most of its Monday loss of 1.6%; it rose 1.5%, or 27.10 points, to 1,901.72.
The Dow industrials and the S&P 500 also made up some lost ground. The Dow rose 0.4%, or 40.63 points, to close at 9,576.04. The S&P 500 rose 0.6%, or 6.22 points, to 1,029.03. The Nasdaq-100 tracking stock rose 60 cents, or 1.8%, to $34.52.
The Business of Going DigitalDigital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.