Dow up 10.83
to another record

NEW YORK -- The Dow Jones industrial average struggled further into record territory today and the broad market dipped amid some profit-taking on the stunning rebound of recent weeks.

The Dow pulled back into positive territory just before the close, adding 10.83 points to close at 7,225.32, after surrendering an afternoon gain of 55 points. Yesterday the barometer of 30 big companies broke above 7,200 for the first time, surging 143 points and wiping out the remnants of its recent 700-point slide.

Broader indicators edged lower in heavy volume today, with the Nasdaq market snapping a six-session winning streak.

There were equal numbers of advancing issues and decliners on the New York Stock Exchange, with 1,287 up, 1,287 down and 798 unchanged. NYSE volume totaled 601.30 million shares, the seventh busiest day in NYSE history.

The Standard & Poor's 500 list -- up nearly 65 points, or 8.5 percent, over the previous six sessions -- fell 2.53 to 827.76, and the NYSE composite fell 0.66 to 430.77. Both measures closed at record highs in yesterday's rally.

The Nasdaq composite index, which rose nearly 11 percent in the previous six, fell 10.95 to 1,328.29. The Russell 200 list of smaller companies fell 0.71 to 361.72, and the American Stock Exchange index fell 2.07 to 570.51.

Stocks were pressured throughout the day by the bond market, where interest rates rose amid indications of strong retail activity that countered the recent enthusiasm that inflationary pressures remain under control.

Bond prices slipped after a report that said chain store sales rose last week and blamed some of April's weakness on bad weather.

Investors have been worried that the Federal Reserve, trying to protect against inflation by slowing the pace of borrowing and spending, will raise interest rates too aggressively and hurt company profits. The central bank raised one of its key lending rates in late March, fueling the market's steep selloff.