NEW YORK -- The Dow Jones industrials closed at a record high for the second straight day today, but the rest of the stock market lagged as investors collected profits, especially in technology shares.
Dow up 55.5 toAssociated Press
The Dow rose 55.50 to close at 10,395.01, topping yesterday's record close, after having moved in and out of positive territory throughout the day. The blue chip index rose as high as 10,418.87, a gain of nearly 80 points, in early trading today.
Investors bought the shares of economically sensitive companies such as basic materials processors and manufacturers, which sent the Dow higher. But they also shed technology shares, aside from Internet-related stocks, for a second day. The drop in tech shares took both the Standard & Poor's 500 and the Nasdaq composite lower on heavy volume, reversing early gains.
The Standard & Poor's 500 fell 8.82 to 1,349.82, and the technology-
heavy Nasdaq composite index lost 15.31 to 2,583.50.
Advancers beat decliners by 1,543 to 1,467 on the New York Stock Exchange, with 540 unchanged. NYSE volume totaled 813.61 million shares vs. 810.92 million yesterday.
The NYSE composite index fell 1.46 to 631.67, but the American Stock Exchange composite index
rose 2.48 to 737.80. The Russell 2000 index of smaller companies rose 4.92 to 417.24.
The 30-year Treasury bond, meantime, fell 5/8, or $6.25 per $1,000 bond, to 96 14/32, pushing its yield up to 5.49 percent from 5.45 percent yesterday. Prices and yields move in opposite directions.