NEW YORK -- Stocks fell modestly today as technology shares slid following late Friday's profit warning from Compaq Computer Corp., the third such warning from a top technology name in as many days. Dow off 2.25, techs tumble
The Dow Jones industrial average fell 2.25 points to close at 8,567.14. A midday gain of 55 points had put the Dow above 8,600 for the first time and threatened to top Tuesday's record close at 8,584.83.
Decliners led advancers by an 8-to-7 margin on the New York Stock Exchange, with 1,371 up, 1,581 down and 536 unchanged. NYSE volume totaled 623.76 million shares, down from 663.55 on Friday.
Broader stock measures posted bigger losses, with the technology-heavy Nasdaq composite index suffering the heaviest damage and the Standard & Poor's 500 turning lower after a flirting with a record high.
The S&P 500 fell 3.39 to 1,052.30, and the NYSE composite index fell 0.20 to 549.44. Both measures closed at record highs on Friday. The Nasdaq composite index fell 28.33, or 1.6 percent, to 1,725.16. The Russell 2000 index of smaller companies dropped 2.60 to 461.12, and the small-company dominated American Stock Exchange composite index fell 3.60 to 709.31.
The downturn came even though bonds extended Friday's rebound, pushing the yield on the 30-year Treasury bond -- a key influence on borrowing costs -- fell back below the 6 percent.
Early last week, the long-bond yield pushed above that level for the first time since December amid some robust economic data that spurred inflation fears.
The price of the Treasury's main 30-year bond was up 13/16 point, or $8.121/2 per $1,000 in face value, by late afternoon today, while its yield fell to 5.96 percent from 6.02 percent late Friday.