NEW YORK -- Technology shares propelled the Nasdaq market to a sixth straight record, but most stocks pulled back today amid some mild profit-taking on yesterday's rally. Dow drops 11
An early 60-point gain put the Dow Jones industrial average above 9,300 for the first time, but the blue-chip barometer finished 11.07 points lower at 9,234.47.
The downturn was offset by a hefty gain from Eastman Kodak, which surged the equivalent of nearly 35 Dow points after posting strong second-quarter profits. It was the second day in a row that one of the Dow 30 soared on profit news. J.P. Morgan rose more than 7 points yesterday after the investment bank beat analysts projections.
Decliners led advancers today by a narrow margin on the New York Stock Exchange, with 1,430 up, 1,538 down and 583 unchanged. NYSE volume was 721.88 million shares vs. 690.15 million yesterday.
Broader indicators were mixed today, with decliners outnumbering advancers overall, but the technology-heavy Nasdaq composite index rose more than 1 percent despite a slight earnings disappointment from Intel Corp.
The Standard & Poor's 500 fell 2.77 to 1,174.81, and the Nasdaq composite index rose 26.13 to 1,994.54. The NYSE composite index fell 2.12 to 595.49, and the American Stock Exchange composite index fell 1.81 to 730.39. The Russell 2000 index of smaller companies rose 2.55 to 461.98.
The price of the Treasury's main 30-year bond was up 7/32 point, or $2.19 per $1,000 in face value, by late afternoon, while its yield fell to 5.70 percent from 5.72 percent late yesterday. Prices and yields move in opposite directions.