Earnings Lift the Dow, but Nasdaq Slides

SAN FRANCISCO (04/20/2000) - Divergence was the name of the market game today, as the Dow climbed confidently on strong earnings news and the Nasdaq slid downward under pressure from a technology stock sell-off. The Nasdaq gained 62.48, or 1.7 percent, to 3,643.93. The Dow gained 169.09, or 1.6 percent, to 10,844.05. The split brought a largely calm end to a shortened trading week; markets will be closed tomorrow in observance of Good Friday.

The week's gains brought the Nasdaq up from last week's heavy losses, but the index remains 28 percent off of its March peak. It suffered losses today by Oracle Corp., which was down 5 percent to US$70.81, and Cisco Systems Inc., which dropped 1.5 percent to $65.12. Intel Corp. lost 3 percent to $115.37, and IBM Corp. shed 1 percent to $103.75. Lucent Technologies Inc. and Microsoft Corp. were largely flat today, with Lucent gaining 0.5 percent to $63.06.

Microsoft rose 0.32 percent to $78.93.

The Internet sector added to the slide, as yesterday's big winner, Inktomi fell 3 percent to $129.12. CMGI lost more than 4 percent to $57.68. JDS Uniphase dropped almost 7 percent to $85.18, and Qualcomm shed 4 percent to $109.50. One of today's rare tech gainers was Commerce One, which rose 15 percent to $55.

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