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Wall St. 1Q finally ending
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March 30, 2001: 8:48 a.m. ET
Quarter has been difficult as major U.S. indexes fall sharply
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NEW YORK (CNNfn) - Perhaps the end of a miserable first quarter for stock investors will inspire Wall Street to a rally Friday.
The Nasdaq-100 futures were cooperating in the early hours, rising about 1 percent to hint at a strong start for the Nasdaq market. Standard & Poor's futures rose modestly, indicating early gains for the S&P 500 index and the Dow Jones industrial average.
But it's virtually impossible for the major indexes to recover the ground lost since 2001 began. The Nasdaq composite index is 26 percent lower than it at the end of 2000, the worst year in the indicator's history. The S&P 500 is down 13 percent and the Dow industrials are 9 percent lower.
Much of Friday's activity may focus on institutional investors tidying up their portfolios so that stocks perceived as solid performers are a part of them. The problem with the so-called "window dressing" is that there aren't that many issues that can enhance a portfolio in a quarter that has been so abysmal.
 The Nasdaq composite begins the day at 1,820.57, the lowest closing level since Nov. 2, 1998, after a 1.8 percent drop Thursday. But the Dow Jones industrial average is coming off a gain, albeit a slight one, standing at 9,799.06; still, the index hit a two-year low just last week. The S&P 500 is at 1,147.95 after a 5-point drop.
Asian markets closed mixed Friday, with Tokyo finishing the quarter lower and Hong Kong advancing. Strength in financial services issues bolstered European markets in early trading.
Treasury prices fell early Friday, raising yields. The 10-year note yield rose to 5.02 percent from 4.98 percent late Thursday, while the 30-year bond yield increased to 5.50 percent from 5.48 percent.
The dollar soared to a 22-month high against the yen and slipped slightly versus the euro. Brent oil futures rose 34 cents to $25.08 a barrel in London.
Boeing (BA: Research, Estimates) is dropping plans to build a larger version of its 747 jumbo jet, focusing instead on a smaller aircraft that can fly faster. The company's shares closed up 95 cents to $55.95.
 Tyson Foods called off a merger with meatpacker IBP (IBP: Research, Estimates), saying it relied on misleading financial information to determine whether or not to enter into the deal. Tyson (TSN: Research, Estimates) closed unchanged Thursday at $11.50. IBP tumbled $7.69 to $15.10 in before-hours trading Friday, according to Reuters.
Computer memory-chip maker Micron Technology (MU: up $1.00 to $45.25, Research, Estimates) reported a narrower fiscal second-quarter operating loss than expected.
Semiconductor equipment maker Cirrus Logic said Friday it expects profits for the next two quarters to come in sharply below analysts' expectations, citing an inventory charge and a shift towards its lower-margin magnetic storage business. Cirrus (CRUS: Research, Estimates) shares fell $1.94 to $13.63 in before-hours trading Friday after a $2.81 decline Thursday.
U.S. software maker Microsoft ventured into rival territory Friday, showing off its much-anticipated Xbox game console in Japan, the home of competitor Sony's best-selling PlayStation 2. Microsoft (MSFT: Research, Estimates) shares rose 31 cents to $55.69 in before-hours trading Friday after dropping 19 cents Thursday. 
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