NEW YORK -- Technology shares faltered today after lifting the Nasdaq market toward another record high, while financial shares led the broad market lower amid nagging worries about the global economy. Dow off 42.49
The Dow Jones industrial average finished just 42.49 points lower at 9,027.98, bouncing back from a 124-point deficit over the final hour of trading. The Dow, which had gained 190 points the prior two sessions, now sits about 350 points below the record of 9,374.27 set Nov. 23.
Broader stock indicators also trimmed their losses near the close. The Nasdaq composite index, which jumped 37 points to a new high yesterday, fell modestly after shedding a 20-point gain.
The Standard & Poor's 500 fell 6.32 to 1,181.38, and the technology-heavy Nasdaq composite index fell 5.89 to 2,034.75.
Decliners outnumbered advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,283 up, 1,794 down and 490 unchanged.
NYSE volume totaled 723.07 million shares vs. 658.68 million yesterday.
The NYSE composite index fell 2.41 to 574.92, and the American Stock Exchange composite index rose 1.91 to 666.25.
The Russell 2000 index of smaller companies rose 0.31 to 401.48.
The 30-year Treasury bond rose 23/32 to 104 2/32, cutting its yield 4 basis points to 4.99 percent.
Despite the downturn in technology, Intel Corp. rose to another record high, gaining $1.121/2 to $120.06, after Morgan Stanley Dean Witter raised its price target for the stock and seven other semiconductor issues.
Overseas, Japan's Nikkei stock average rose 0.6 percent.