Blue chips slide as tech stocks ease off rally

Technology stocks eased off a strong rally but held gains in late afternoon trading yesterday as corporate results lured investors…

Technology stocks eased off a strong rally but held gains in late afternoon trading yesterday as corporate results lured investors back into the sector and tame inflation data fostered hopes of more interest-rate cuts.

"There are still some people who have been badly hurt and there is some tendency to sell into strength," said Jim Oberweis, president and portfolio manager of Oberweis Asset Management, which oversees $250 million in assets.

The Nasdaq Composite Index was up 64.23 to close at 2,682.78. Computer networking company Juniper Networks helped the tech-packed measure, rising $11-3/4 to $139-3/4 after beating earnings estimates and raising its full-year forecast.

But the Dow Jones industrial average lost 74.82 to close at 10,577.84. Minnesota Manufacturing & Mining , better known as 3M, lost $4-7/8 to $108-5/8 and pressured the blue-chip gauge after blaming slowing US growth and the strong dollar for its quarterly shortfall.

READ MORE

The Standard & Poor's 500 index gained 2.97 points to end at 1,329.62.