TECH STOCKS: Markets Climb Slowly Amid Mixed Earnings - InformationWeek
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7/23/2003
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TECH STOCKS: Markets Climb Slowly Amid Mixed Earnings

Stocks mostly treaded water on Wednesday before ending slightly higher.

Stocks managed to tread water on Wednesday amid a flurry of earnings announcements. All of the major indexes closed up, but none moved more than 1% for the day.

A big winner was Amazon.com Inc. which rose 15%, or $5.54 to close at $40.11. AOL Time Warner fell $1.14 a share, or 6.8%, to close at $15.71 despite nearly tripling its quarterly profit. Lingering accounting probes and loss of AOL subscribers apparently drove investors away from the stock. Sun Microsystems saw its stock slide 19.3%, or 92 cents, followings its ninth consecutive quarter of revenue decline.

The Dow Jones industrials rose 13.08 points, or 0.8%, to close at 9,194.24. The Nasdaq composite index rose 13.08 points, or 0.8%, to close at 1,719.18. The S&P 500 rose .50 points, or 0.05%, to end at 988.61.

The Nasdaq-100 tracking stock closed at $31.60, up 26 cents, or 0.8%, for the day on volume of 67 million shares. Our InformationWeek 100 rose 1.35 points, or 0.5%, to close at 254.37.

"The earnings picture has been mixed--one day you have some pretty good earnings and guidance, the next day you get some not-so-great earnings and guidance," Jeff Swensen, senior trader at John Hancock Funds, told The Associated Press. "That's creating a lot of volatility in the market."

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