* Bargain-hunting follows prior tech rout
* Bleak data add to worries about slump
* Tiffany, Deere stocks hit as outlooks disappoint
* For up-to-the-minute market news, please click on
STXNEWS/US
(Updates to late morning)
By Ellis Mnyandu
NEW YORK, Nov 26 (Reuters) - U.S. technology shares rose on
Wednesday as investors followed Tuesday's tech sector rout with
a search for attractively priced shares, tempering concerns
about the worsening global economic outlook.
But the Dow and the S&P 500 were little changed near
11-year lows as disappointing outlooks from companies such as
farm equipment maker Deere & Co <DE.N> and bleak economic
reports revealed more weakness in the economy.
Shares of Cisco, a networking equipment maker, rose 1.6
percent, a day after the stock led a tech sell-off on worries
about faltering demand, while shares of Apple Inc <AAPL.O>
gained nearly 4 percent, making the iPod maker the Nasdaq's
top boost.
Even so, mounting signs of more deterioration in the
broader economy caused some investors to sell financial shares,
with JPMorgan <JPM.N> , off more than 3 percent. Big
manufacturers also took a hit, with shares of chemical company
DuPont <DD.N> falling more than 2 percent.
Bleak economic data included government reports that showed
orders for costly manufactured goods plummeted in October, and
consumers cut spending at the steepest rate in more than seven
years.
"The economy froze up during the month of October. Other
than that, there's not much activity on the day before
Thanksgiving," said Giri Cherukuri, head trader at OakBrook
Investments LLC in Lisle, Illinois.
"People are pricing in a lot worse information and at these
stock market levels ... there might be some buying coming into
the market."
The Dow Jones industrial average <> shed 4.07 points,
or 0.05 percent, to 8,475.40. The Standard & Poor's 500 Index
<.SPX> declined 0.45 point, or 0.05 percent, to 856.94. The
Nasdaq Composite Index <> shot up 20.20 points, or 1.38
percent, to 1,484.93.
Adding to nervousness, China announced its biggest interest
rate cut in 11 years to help cushion a faltering economy and
Toyota <7203.T> has had its top-notch credit ratings cut for
the first time in a decade. For details, see [].
China is a key destination for U.S. exports. []
Shares of Deere, the world's biggest farm equipment maker,
declined 9.4 percent to $29.99 after the company forecast a
lower 2009 profit. []
Upscale jeweler Tiffany & Co <TIF.N> slashed its full-year
forecast and said it plans to cut staff and pare back its 2009
store growth plans, in a fresh sign that the economic slump is
also buffeting affluent consumers.
Also trash hauler Waste Management <WMI.N> warned of
further deterioration in fourth-quarter results. It shares fell
more than 5 percent to $28.04 on the New York Stock Exchange.
Shares of JPMorgan declined to $28.86, as those of DuPont slid
to $23.52.
(Editing by Kenneth Barry)
