Wall Street closed mixed today after weakness in the technology sector punctured some of the market's enthusiasm over a report that suggested...
NEW YORK — Wall Street closed mixed today after weakness in the technology sector punctured some of the market’s enthusiasm over a report that suggested the economy could still be growing.
The Dow Jones industrial average rose 41.36 to 13,028.16. The blue chips had been up nearly 150 points earlier in the session.
Microsoft, one of the 30 Dow stocks, fell 53 cents to close at $29.46 a share. Boeing, also a Dow stock, gained $1.90 to $87.07.
Broader stock indicators were mixed. The S&P 500 advanced 1.28 to 1,426.63, and the Nasdaq composite index fell 12.76 to 2,516.09.
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But comments from memory-chip maker SanDisk about soft sales pulled stocks off their highs and sent tech shares lower. The Dow, which had been up more than 100 points, finished well off its highs.
The Conference Board’s leading economic indicators report showed a 0.1 percent rise for April, following a similar uptick in March. The index, aimed at predicting economic activity in the next three to six months, bolstered investors’ belief that the overall U.S. economy, while weak, is positioned for recovery.
After five months of declines in the leading indicators, some investors were concerned that March’s increase was an anomaly — so April’s advance was met with relief, said Hugh Johnson, chief investment officer of Johnson Illington Advisors.
But technology shares tugged at the market after SanDisk issued its cautious comments at JPMorgan’s technology conference today, said Neil Massa, senior trader at MFC Global Investment Management in Boston. SanDisk fell $2.42, or 7.5 percent, to close at $30.02.
General Motors rose after one of its biggest suppliers reached a tentative labor deal with the United Auto Workers. The agreement with American Axle & Manufacturing may end a nearly three-month strike by 3,650 U.S. hourly workers. GM advanced 19 cents to close at $20.87.