Investors still face volatility

Wednesday, April 5, 2000 | 11:29 a.m.

NEW YORK -- Blue-chip stocks turned lower today as investors stopped punishing technology stocks, but decided it was time to start taking profits from other sectors that ran up last week.

In midday trading on Wall Street, the Dow Jones industrial average was down 137.44 at 11,027.40, having given up an early gain. American Express, down 2 3/4 to 144 1/4, and J.P. Morgan, down 3 to 133 1/16, led the decline.

The Nasdaq composite index was down 27.43 at 4,121.46, having recovered from a drop of 139.80 earlier in the session.

Volume was fairly modest, but the volatility that marked Tuesday's session remained, sending the indexes fluctuating between positive and negative territory.

Broader stock indicators were mixed. The Standard & Poor's 500 index was down 15.38 at 1,479.35, and the Russell 2000 index of smaller companies was up 7.91 to 508.57.

Stocks fell at the opening bell as traders struggled to find their footing after Tuesday's chaotic selloff, when both the Nasdaq and the Dow fell more than 500 points only to finish the turbulent session with modest, double-digit losses.

The wildness on Wall Street rattled most overseas markets, making it difficult for the U.S. market to mount any real recovery.