Wall Street report: Friday close
MAJOR markets parted company as investors swapped out of techs and into big household names. The Dow Jones Industrial Average advanced 44.01 points or 0.5% to 9840.08. The Nasdaq Composite Index retreated 4.88 points or 0.25% to 1937.70. Both major indices moved higher on the week, with the Dow up 0.7% and the Nasdaq 0.4%.
Gloomy reports from several companies weighed on techs, while investors picked up where they left off in the previous session in 'old economy' companies in the wake of upbeat comments from Federal Reserve Chairman Alan Greenspan.
Companies likely to benefit most from an ecomomic recovery were among winners. 3M, which makes Scotch tape, improved $1.77 or 1.6% to $111.23, helped in part by reports that the Bush Administration could limit legal damages in asbestos lawsuits. Consumer products maker Procter & Gamble climbed $1.36 or 1.8% to $79.14.
American Express, which would see its credit exposure improve in an upturn, rose 24 cents or 0.7% to $36.99. Chemicals giant DuPont gained 95 cents or 2.2% to $43.99. Walt Disney, under a cloud lately due to the slowdown in advertising and attendance at its theme parks, jumped 58 cents or 2.7% to $21.78.
Coca-Cola, which has been awaiting a recovery in demand for its products world-wide, added 93 cents or 2.1% to $45.15. ExxonMobil, which fluctuates on oil prices and demand for petroleum prdocuts, tacked on 36 cents or 1% to $39.06.
Among tech companies doubtful about a rebound in their businesses, fibre optic equipment maker JDS Uniphase tumbled 73 cents or 9.3% to $7.16, personal computer maker and retailer Gateway plunged $1.14 or 18% to $5.22 and software company PeopleSoft stumbled $2.52 or 6.6% to $35.91. Telecoms equipment and software maker Qualcomm spurted $2.34 or 5.4% to $46.05 despite slicing its already lowered expectations.
Amazon.com surged 43 cents or 3% to $14.44 after monitoring agency Moody's raised the internet retailer's bond rating. Defence equipment maker Lockheed Martin rose another 59 cents or 1.2% to $50, near a new 52-week high, as Bush Administration officials disclosed plans to increase Pentagon spending.
AMR, the parent company of American Airlines, added 87 cents or 3.6% to $25.37 after it said it had rejected conditions imposed on a widened alliance with British Airways. BA's US shares closed down $1.49 or 4.5% to $31.49.
Biotech company ImClone, which has been buffeted by controversy over a much-heralded anti-cancer drug, dipped another $3.09 or 16% to $16.49 on reports it was being investigated by the Justice Department and Securities and Exchange Commission.
