NEW YORK - Technology stocks recovered partially from yesterday's bruising selloff, but the broad market again failed to hold most of their gains as mounting worries about company profits prevailed. Dow drops 31.13
The Dow Jones industrial average fell 31.13 points to 8,891.24 after sliding from an early 54-point gain to a 50-point loss.
Decliners led advancers by a slim margin on the New York Stock Exchange, with 1,460 up, 1,503 down and 567 unchanged. Decliners led by a 6-to-5 margin in Nasdaq trading. NYSE volume totaled a brisk 589.21 million shares, up sharply from 536.57 million yesterday.
Broad-market indicators were mixed, with the technology-laden Nasdaq composite index wiping out about half of yesterday's 32-point plunge.
The Standard & Poor's 500 rose 2.05 to 1,093.03, and the Nasdaq composite rose 14.97 to 1,761.79. The NYSE composite index rose 0.21 to 565.35, and the American Stock Exchange composite index fell 1.21 to 706.30. The Russell 2000 index of smaller companies fell 1.47 to 449.70.
The price of the Treasury's main 30-year bond was off 9/32 point, or $2.81 per $1,000 in face value, by late afternoon, while its yield rose to 5.79 percent from 5.77 percent late yesterday. Prices and yields move in opposite directions.
The stock market has repeatedly failed to build any momentum over the past month amid growing doubts about whether this year's jump in stock prices will prove unrealistic with the economic crisis in Asia eating away at company profits.
Overseas today, Tokyo's Nikkei stock average rose 1.5 percent.