indexit - Biotech saved the day. The economy still indeed sucks but they are somewhat insulated from such things -
4:19pm 06/14/02 Nasdaq battles back; Dow still wobbly
By Julie Rannazzisi
The Nasdaq fought back valiantly on Friday, overcoming a crushing deficit that came following a warning from Sprint, terrorism jitters and deterioration in consumer sentiment. The Dow also battled back, ending with only modest losses after sliding as much as 242 points. Aggressive buying in the biotech sector surfaced to limit the hemorrhaging around midday. The Dow Jones Industrial Average ($INDU) shaved 28 points, or 0.3 percent, to 9,474, The Nasdaq Composite ($COMPQ) gained 7 points, or 0.5 percent, to 1,504 after sliding as much as 51 points and the Standard & Poor's 500 Index ($SPX) declined 0.2 percent. Volume stood at 1.54 billion on the NYSE and at 1.82 billion on the Nasdaq Stock Market. Market breadth was mixed, with decliners cruising past advancers by 17 to 14 on the NYSE while winners roughly matched losers on the Nasdaq. |
