Technology Revolt Inhibits Market

The stock market endured a mixed session Tuesday as investors unloaded technology issues in a sell-off that set a negative tone for Wall Street.

Worries that sluggish economic activity will curb demand for computers and the like triggered selling that took a heavy toll on the Nasdaq Stock Market, where numerous computer, semiconductor and general technology issues are listed. Its composite index tumbled 13.17 to 858.70.

Active lists of all the major exchanges were strewn with the victims of the technology retreat.

The selling wave also washed over the New York Stock Exchange, which limited the gains for the Dow Jones industrial average. The blue-chip indicator edged up 9.68 to 4,378.68, recouping a small portion of Friday’s 43.23-point loss. U.S. financial markets were closed Monday for Memorial Day.

Gainers outnumbered losers by 1,226 to 1,034 with 721 stocks unchanged on the Big Board. Volume came to 280.95 million shares as of 4 p.m. Eastern time, vs. 290.70 million Friday.

Don Hays, investment strategist at Wheat First-Butcher & Singer, said the market didn’t fare that poorly with the exception of tech stocks.

“We had a technology revolt. Anything related to technology got clobbered. Other than that the market wasn’t bad at all,” he said.

Some of the stocks that moved substantially or traded heavily Tuesday:

NYSE

Philip Morris, up 7/8 to 70 3/4.

The tobacco stock staged a modest rebound after plunging Friday when the company announced it was recalling billions of cigarettes due to contaminated filters.

Micron Technology, down 4 3/8 to 41 5/8.

Technology stocks were weighed down by profit-taking. Among other active NYSE stocks, International Business Machines fell 2 3/8 to 92 5/8, Compaq Computer fell 2 1/4 to 38, Hewlett Packard fell 2 1/4 to 64 5/8.

Motorola, down 1 3/4 to 58 7/8.

Morrison Knudsen, down 1 1/8 to 5 3/8.

The stock attracted attention amid speculation that the company’s financial condition might force it into Chapter 11 bankruptcy protection.

NASDAQ

Intel, down 5 3/8 to 110 1/2.

Trading in Intel included several large blocks. Microsoft fell 4 1/2 to 83.

AMEX

Hi-Shear Technology, rose 3 1/8 to 12 7/8

Investors favored the stock after a financial analyst made positive comments about the maker of emergency rescue and car airbags on a televised report.