NEW YORK -- Technology shares lifted the Nasdaq market to another record, but most stocks fell today, with a profit warning from DuPont preventing an assault on a new high for the Dow. Dow drops 85
The Dow Jones industrial average fell 85.19 points to close at 9,089.78, giving back most of an 89-point gain from yesterday that had left the blue-chip barometer less than 40 points below May 13's record of 9,211.84.
Decliners led advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,226 up, 1,716 down and 589 unchanged. NYSE volume was 655.64 million shares, vs. 605.37 million yesterday.
The Standard & Poor's 500, which yesterday closed at a record high for the sixth time in 10 sessions, fell 7.81 to 1,158.56. The Nasdaq composite index rose 4.43 to 1,939.82. The NYSE composite index dropped 4.12 from yesterday's closing record, finishing at 590.23. The American Stock Exchange composite fell 0.74 to 727.91 and the Russell 2000 index of smaller companies lost 0.03 to 460.00.
The benchmark 30-year Treasury bond rose 10/32, or $3.13 per $1,000 bond, pushing its yield down 2 basis points to 5.60 percent. On Tuesday, yields touched 5.56 percent, the lowest since the Treasury began regular sales of 30-year bonds in 1977.
DuPont sank the equivalent of 28 Dow points after biochemical company advised that its second-quarter results won't meet analyst expectations. The warning overshadowed a solid second-quarter report from fellow Dow component General Electric, and weighed down other stocks that, like DuPont, are considered dependent on the health of the economy.