NEW YORK -- Stocks were mostly higher today, bolstered by a drop in interest rates, but the advance was hindered by a weak technology group, which was pressured by gloomy profit forecasts. Dow up 22.75
The Dow Jones industrial average rose 22.75 points to close at 7,312.15 after swinging from an early 35-point loss to a 51-point gain. Advancers led decliners by nearly a 3-to-2 margin on the New York Stock Exchange, with 1,498 up, 1,026 down and 859 unchanged. NYSE volume was 526.97 million shares vs. 432.67 million yesterday.
Broader indicators were mostly higher, but mounting profit worries weighed down the technology-heavy Nasdaq market.
The Standard & Poor's 500-stock list fell 0.88 to 845.48, and the NYSE's composite index rose 0.82 to 442.36, topping Friday's record high by less than a point. The Nasdaq composite index fell 19.88 to 1,384.91
The Russell 2000 index of smaller companies slipped 0.24 to 383.28, snapping a string of seven consecutive record highs. The American Stock Exchange composite index, which is also dominated by smaller companies, rose 1.85 to 609.02
Blue-chip issues started the day lower, but soon turned higher with the bond market, where interest rates fell after a report showing that a key gauge of future economic activity unexpectedly declined in April. The reading reinforced hopes that economic activity has been moderating enough to hold inflationary pressures without another boost in interest rates by the Federal Reserve.
The Fed, fearful that rising production costs and heavy consumer demand will force prices higher, tried to ease spending in late March by raising one of the central bank's key lending rates. Fed officials left rates alone when they met two weeks ago, calming worries about lower company profits, but could act again when they meet in early July.
By late afternoon, the price of the Treasury's main 30-year bond was up 12/32 point, while its yield slipped to 6.87 percent from 6.90 percent late yesterday. Prices and yields move in opposite directions.