The Nasdaq composite index rose to a new record in New York yesterday even as investors punished Microsoft for a profits report that met published estimates but failed to impress some analysts.
On Wall Street, the Dow Jones fell 71.36, or 0.6 per cent, to 11,489.36, while the Nasdaq rose 20.48, or 0.5 per cent, to 4,151.29, its first new record since January 3rd.
Broader stock indicators were mixed. Advancing issues barely outnumbered decliners on the New York Stock Exchange, with 1,530 up, 1,521 down and 483 unchanged. NYSE volume totalled 1.06 billion shares, against 1.01 billion in the previous session.
Microsoft contributed most to the Dow's decline. Late on Tuesday, the company said it earned $2.44 billion, or 44 cents per share, in its fiscal second quarter, compared to the 42 cents predicted by analysts surveyed by First Call/Thomson Financial. But traders said Microsoft's "whisper number" - an unofficial prediction circulated on the Internet and on trading floors - was as high as 49 cents per share, setting up some investors for disappointment.
