NEW YORK -- Technology stocks rose today, but blue-chip issues gave back some of Friday's record-setting gains as bond market interest rates rose. Dow drops 38
The Dow Jones industrial average fell 38.29 points to 8,110.84, snapping a six-session winning streak that had put the index in striking distance of its record close of 8,259.31, set Aug. 6.
Advancers led decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,622 up, 1,357 down and 512 unchanged. NYSE volume was 489.63 million shares vs. 556.95 million Friday. Broad-market indicators were mixed. The Standard & Poor's 500 list, which on Friday closed at a record for the first time since early October, fell 1.42 to 982.37. The NYSE index, which also set a new high on Friday after a two-
month drought, dropped 0.87 to 513.44. But the technology-heavy Nasdaq index rose 17.64 to 1,651.54; the Russell 2000 index of small companies climbed 3.97 to 442.03; and the small-company dominated American Stock Exchange index rose 3.22 to 673.49.
Stocks were pressured by another weak day in the bond market, where interest rates rose for the third straight session.
Bonds, which slid on Friday amid new signs of inflationary pressures, were weighed down today by an auction of new Treasury debt and news that Japan might sell some of its huge Treasury holdings to help its beleaguered banking system. As bond prices fell, the yield on the 30-year Treasury -- a key determinant of interest rates -- rose to 6.13 percent, up from late Friday's 6.09 percent. The yield fell as low as 6.01 percent on Wednesday, its lowest finish since January 1996.