Market close: Dow makes modest gains, tech stocks struggle

Technology stocks drifted lower Monday as the Nasdaq composite shaved off 26 points to close at 3,290.29. The Dow Jones industrial average moved up 47 points to finish at 10,238.80.

"The market is fairly trendless," said Hugh Johnson, chief investment officer at First Albany Corp. "In the absence of anything positive from the Middle East that drives oil prices lower or something positive from earnings which lifts spirits, it will be tough to keep the rally going." Intel Corp. (intc) shares lost $4.69 to $35.69 ahead of its third-quarter earnings report Tuesday.

Advanced Micro Devices Inc. (amd) shed $1.56 to $20.31 on concerns that pricing pressures are eating into profit margins on its Athlon line. IBM (ibm) added $1.94 to close at $111. Full story. -- Larry Barrett, ZDNet Inter@ctive Investor