As-expected corporate earnings bring Dow 21 pts, Nasdaq down 39 pts

US stocks went separate ways yesterday. The announcement by United Technologies and GM that the corporate earnings would meet expectation helped blue chips stabilize and brought the Dow & Jones Industrial Average Index to revive, which gained 21.74 pts, or 0.2% to close at 10645.38 pts. Nasdaq underwent profit-taking after the earnings warnings and lay-off move announced by Level 3 Communications, making Nasdaq slumping for the 7th straight trading day. Nasdaq dipped through 2000 pts at closing, the new low for the past two months. Nasdaq erased 39.8 pts, or 1.96% to finish at 1988.63 pts. Standard & Poorˇ¦s 500 Index eroded 5.93 pts, or 0.49% to end at 1208.43 pts. 

Amid the concern over the outlook of technology stocks which went through selling pressure yesterday, Metromedia plummeted 39.83% to US$2.1, and Exodus Comms, Palm and JDS Uniphase all lost 21.48%, 15.37% and 14.79% to finish at US$3.62, US$4.35 and US$10.6 respectively.

US 30-year treasuries yield closed at 5.693% yesterday.    

European stocks were dragged by the US stocks, with UK Financial Times down 51.4 pts, or 0.9% to close at 5671.6 pts.   

French CAC 40 Index decreased 83.56 pts, or 1.59% to end at 5160.28 pts.

German DAX Index shed 46.14 pts, or 0.78% to close at 5869.04 pts.

London Hong Kong stocks rose after initial drop, with HSLRI up 3.61 pts over the closing in Hong Kong yesterday to close at 12952.39 pts.

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