NEW YORK - Stocks rounded out a dismal week with a volatile session but modest losses today. Investors continued selling semiconductor and computer stocks, but made some cautious overtures toward battered shares of Internet and financial companies. Dow drops 39
The Dow Jones industrial average was down 39.26 to close at 10,279.33. The Dow finished the week 524.30 points below last Friday's close, a loss of 4.9 percent. The blue-chip index has now dropped 9.2 percent below its record close of 11,326.04, set Aug. 25. Broader stock indicators were also down. The Standard & Poor's 500 fell 3.05 to 1,277.36, and the Nasdaq index fell 9.42 to 2,740.41.
Decliners beat advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,815 down, 1,136 up and 552 unchanged. NYSE volume totaled 869.88 million shares vs. 878.66 million.
The NYSE composite index slipped 1.44 to 589.54; the American Express composite index dropped 5.71 to 771.79; the Russell 2000 slipped 3.12 to 417.09.
The price of the U.S. Treasury 30-year bond rose 1/4, or $2.50 per $1,000; its yield dropped 1 basis point to 5.98 percent.
With little fresh news to move the market, investors fell prey to the momentum that dragged the Dow below 10,500 on Thursday.
Analysts consider 10,500 a "technical support" level, and most have long forecast that a drop below that level would prompt further selling as investors fear the market is approaching a major, enduring decline.
"It will take days, or maybe weeks, before the market stabilizes," said Tom Galvin, chief equity strategist at Donaldson, Lufkin & Jenrette Securities.