1:00 PM New York – Tech stocks edged higher and European markets closed lower on weak banks.

Dow Jones Industrial Average fell 45.35 or 0.41% to 11,055.19 and S&P 500 gained 0.85 or 0.07% to 1,262.37.

Dow Gainers and Losers

Of the 30 stocks in Dow Jones Industrial Average 2 stocks gained and 28 declined.

America International Group led the decliners in the Dow Jones Industrial Average with a loss of 9.49% or $2.14, to $20.41 followed by losses in Citigroup Inc of 5.91% or $0.90, to $14.32, in Bank of America of 5.71% or $1.15, to $19.00, in JP Morgan Chase of 5.05% or $1.60, to $30.09 and in General Motors of 4.82% or $0.45, to $8.93.

Microsoft Corporation led the gainers in the Dow Jones Industrial Average index with a rise of 1.64% or $0.41, to $25.56 followed by increases in Johnson & Johnson of 1.33% or $0.88, to $67.29.

Stock Movers

Evergreen Solar rose 95 cents to $10.10 after it signed a contract worth $1.2 billion with IBC Solar AG of Germany. The contract increases the company backlog to $3 billion. Evergreen Solar Incorporated (ESLR: chart) in the last one year traded as high as $18.85 in December 2007 and as low as $7.52 in Mar 2008. Based on the yesterday’s closing price the company has a market cap of $1.21 billion.

Fannie Mae fell to another low as investors fear that the proposed U.S. government bailout will not include shareholders. Fannie Mae Inc (FNM: chart) in the last one year traded as high as $70.57 in October 2007 and as low as $6.68 in July 2008. Based on the yesterday’s closing price the company has a market cap of $7.14 billion.

Kimberly Clark dropped 5% or $2.90 to $55.90 after it announced preliminary second quarter net sales increase of 11% to $5 billion and expects earnings of 99 cents per share, lower than $1.00 per share in the quarter a year ago. The company lowered annual earnings guidance to the range between $4.20 and $4.30 per share compared to the previous range of between $4.45 and $4.60 per share.

Kimberly-Clark Corporation (KMB: chart) in the last one year traded as high as $71.16 in October 2007 and as low as $50.42 in July 2008. Based on the yesterday’s closing price the company has a market cap of $23.40 billion.

S&P Movers

Of the stocks in S&P 500 index, 102 increased 390 declined and 8 remained unchanged.

Freddie Mac led the decliners in the S&P 500 index with a loss of 27.85% or $1.98, to $5.13 followed by losses in Fannie Mae of 20.45% or $1.99, to $7.74, in National City Corporation of 15.92% or $0.60, to $3.17, in Wachovia Corporation of 12.40% or $0.60, to $8.62 and in Eaton Corporation of 12.00% or $9.59, to $70.30.

First Horizon led the gainers in the S&P 500 index with a rise of 7.54% or $0.38, to $5.42 followed by increases in Wamu Incorporated of 7.43% or $0.24, to $3.47, in Safeco Corporation of 4.90% or $3.02, to $64.62, in MGIC Investment Corporation of 4.33% or $0.17 to $4.10. State St Corporation of 3.86% or $2.15 to $57.85.