NEW YORK -- Big-name technology shares led the Nasdaq market to another new high, but stocks ended mostly lower today as investors secured some profits from last week's record-setting advance. Dow drops 37
The Dow Jones industrial average fell 37.32 points to 7,858.49, having surrendered an early 55-point gain that put the blue-chip barometer above 7,900 for the first time and within 50 points of the 8,000-mark.
Most broad market measures also turned negative after pushing further into record territory during the morning, bolstered by another strong day in the bond market, where long-term interest rates fell to their lowest level since February. By late afternoon, the price of the Treasury's main 30-year bond was up 22/32 point, while its yield fell to 6.57 percent from 6.62 percent late Thursday. Prices and yields move in opposite directions. The market was closed Friday for the July 4th holiday.
On the New York Stock Exchange, advancers led decliners by a slim margin, with 1,475 up, 1,416 down and 536 unchanged.
NYSE volume totaled 518.78 million shares vs. 370.05 million in Thursday's shortened pre-holiday session.
The Standard & Poor's 500-stock list fell 4.72 to 912.20, the NYSE index fell 2.13 to 475.55, and the American Stock Exchange composite fell 2.37 to 631.97. All three measures closed at record highs on Thursday.
The Nasdaq composite index rose 3.13 to 1,470.74 for its third straight record finish.
The Dow was pressured throughout the session by American Express Co., which gave back more than half of Thursday's nearly 7-point gain.