US stocks mixed as investors await forecasts

US investors decided to stick with safer bets today on Wall Street while they contemplated the future of earnings and the economy.

The Dow Jones industrial made a solid advance, closing up 82.55 at 10,729.52.

Broader market indexes declined. The NASDAQ composite index fell 104.87 to 2,754.28, and the broader Standard & Poor's 500 index slipped 6.79 to 1,357.51.

The market is so focused on corporate performance during the first half of this year that even Federal Reserve Chairman Alan Greenspan failed to move stock prices. Mr Greenspan testified before Congress, speaking mostly about longer-term tax cuts.

While investors are cautious, the mood on Wall Street is slightly more upbeat, analysts said. The market is hopeful that earnings and the economy will soon improve, particularly with lower interest rates.

Dell, which earlier in the week rebounded from a poor first-quarter earnings outlook, lost 69 cents to close at $26.44. Intel fell $1.75 to $34.50.

Corning skidded nearly 20%, finishing down $13.88 at $56.25. The maker of fibre optic cables warned late yesterday that its customers have cut back their orders through the first half of the year.

JDS Uniphase, which tumbled $8 to $55.19, picked up $1.31 in extended-hours trading. The fibre optic maker announced after the market closed that it beat second-quarter expectations by 2 cents a share. The company also said it expects third-quarter sales to rise as much as 10%.

Meanwhile, blue chips got a lift from so-called defensive issues such as drug and energy stocks that tend to do better in bearish markets. Eli Lilly, which met earnings expectations and said the first half of the year should be strong, gained 31 cents at $83.06.

Investors rewarded Enron for saying 2001 earnings likely will surpass analysts' predictions. The energy company rose $2.25 to $82.