Good News Doesn't Sway Investors - InformationWeek

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6/16/2004
05:21 PM
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Good News Doesn't Sway Investors

The markets were essentially unchanged despite some good economic news.

The major indexes closed essentially unchanged on Wednesday, as some positive economic indicators weren't enough to overcome uncertainty over how much the Fed is going to raise interest rates when it meets at the end of the month. The good news was that industrial production jumped 1.1% in May, the biggest gain in almost six years. The bad news was that traders didn't seem to care much.

Tech issues were mixed. Apple rose 6,7%, or $2.05, to $32.74; Motorola rose 0.9%, or 17 cents, to $18.62; Cisco Systems rose 1.02%, or 24 cents, to $23.88; Nextel rose 0.4%, or 10 cents, to $24.84; Microsoft fell 0.3%, or 9 cents, to $27.32; Dell fell 0.8%, or 29 cents, to $35.29; Intel fell 1.1%, or 31 cents, to $28.12; and Oracle fell 3.1%, or 36 cents, to $11.35.

For the day, the Nasdaq index rose 2.64, or 0.1%, to 1,998.24, and the InformationWeek 100 fell 0.93 points, or 0.3%, to 315.47. The Nasdaq 100 tracking stock was down 6 cents, or 0.2%, to $36.73, on volume of 63.3 million shares.

Less tech-heavy indexes looked about the same. The Dow slid into the red by less than a point; it fell 0.85, to 10,379.58. The S&P 500 finished up a notch, rising 1.55, or 0.1%, to 1,133.56.

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