Dow off 1.29

NEW YORK -- The Dow industrials pulled off a sharp turnaround today for the third time in four sessions, but the Nasdaq market fell to a new low for the year as big-name technology stocks extended this week's plunge.

The Dow Jones industrial average gave back an early 115-point gain and slid as much as 113 points before reversing course and closing just 1.29 points lower at 7,741.69. It was the third time since Friday that the Dow has rebounded just as the barometer sank back toward its summertime lows, suggesting that investors are more comfortable with blue-chip valuations at these levels.

Broader stock indicators suffered heavier losses, with the Nasdaq composite index sinking 48.28 points, or 3.20 percent, to 1,462.61, plunging below 1,500 for the first time since the Aug. 31 market sell-off. In just three sessions, the Nasdaq has lost 152 points, or 9.4 percent. The Standard & Poor's 500 fell 13.91 to 970.68.

Decliners outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, with 1,015 up, 2,131 down and 402 unchanged.

NYSE volume totaled 964.50 million shares compared to 835.73 million yesterday.

The NYSE composite index fell 6.83 to 484.68, and the American Stock Exchange composite index fell 7.32 to 585.77.

The Russell 2000 index of smaller companies fell 10.32 to 322.23.

The 30-year Treasury bond fell 1 28/32 points to 110 10/32, pushing its yield up to 4.84 percent.

Yahoo! Inc. reported after the market close that profits surged to $16.7 million, or 15 cents a diluted share, from $681,000, or 1 cent, a year earlier. Analysts had expected a profits of 9 cents.