Technology stocks rose yesterday and the broad market held modest losses as investors shook off stunning news of a passenger-jet crash in New York to focus on Ciena Corp's ray of hope in the depressed telecommunications sector.
The Dow Jones industrial average ended down 53.29 after slumping 200 points initially on fears that the American Airlines Airbus A300 crash near John F. Kennedy airport was another attack on the US. The plane crashed minutes before the market opened.
"The market does show remarkable resilience ... it bounced back nicely indicating bargain-hunters are still ready to buy on unexpected opportunity caused by unexpected weakness," said Alan Ackerman, chief market strategist at Fahnestock & Co.
"Nonetheless an event of this kind does raise anxiety levels which has put pressure on the market." Stocks regained lost ground but airline and leisure stocks, already hit hard by plummeting travel and tourism after the September 11th attacks, fell across the board. AMR Corp, parent of American Airlines, fell 9 per cent, or $1.64, to $16.49.
