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Wall St. tries to recover
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June 15, 2001: 11:10 a.m. ET
Defensive issues take major stock indexes off lows spurred by warnings
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NEW YORK (CNNfn) - U.S. stock markets erased most of their early losses Friday morning as renewed strength in defensive issues, particularly drug and manufacturing stocks, mitigated weakness in the tech sector.
The Dow Jones industrial average rebounded from a more than 123-point drop in the early going. At 11:05 a.m. ET, it stood at 10,683.76, down 6.37. Leading the blue-chip indicator were drugmaker Johnson & Johnson (JNJ: up $0.95 to $51.86, Research, Estimates) , oil producer Exxon Mobil (XON: Research, Estimates) and financial services provider J.P. Morgan Chase (JPM: up $1.11 to $44.70, Research, Estimates) .
The Nasdaq composite index slid 14.64 to 2,029.43, after tipping below 2,000 for the first time since mid-April. Sparking the tech-laden indicator's decline were results warnings from two bellwethers, fiber-optic equipment maker JDS Uniphase (JDSU: down $2.10 to $11.71, Research, Estimates) and network equipment maker Nortel Networks (NT: down $1.46 to $9.14, Research, Estimates) , a New York Stock Exchange issue. 
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