Blue Chips Fall 37.74, Nasdaq Posts a Gain
Technology stalwarts drifted higher on positive earnings prospects but Old Economy blue chips fell and bonds lost ground, as volumes remained at low summertime levels.</br></br>The dollar, meanwhile, strengthened, particularly against the euro, as the European common currency again fell close to its all-time low.</br></br>Battered by inflation fears, the euro fell to 89.28 cents from Monday's 90.08 cents, near the low of 88.45 cents set in May.</br></br>On the stock front, some technology and Nasdaq investors said the market will likely see a strong rally after Labor Day, because the specter of interest-rate increases has largely dissipated. Others are eagerly counting down to third-quarter earnings reports.</br></br>But at least during yesterday's session, tech optimism, and a boost to financial stocks from acquisition reports surrounding Donaldson Lufkin & Jenrette, weren't enough to offset weakness in other sectors.