NEW YORK -- Stocks resumed their slide today after new reports showed the economy's surging growth has not slowed in recent months. The data renewed concerns that hints of inflation will prompt the Federal Reserve to boost interest rates next week. Dow loses 64
The Dow Jones industrial average fell 63.95 to close at 10,273.00, having recovered back from a loss of as much as 135 points. The blue-chip index ended a fairly volatile week just 6.33 points below last Friday's close.
Broader stock indicators were mostly lower today. The Standard & Poor's 500 rose 0.10 to 1,282.81 and the Nasdaq composite index fell 9.28 to 2,736.88.
Decliners beat advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,795 down, 1,256 up and 482 unchanged. NYSE volume totaled 895.24 million shares vs. 1.02 billion yesterday.
The NYSE composite index slipped .31 to 592.48; the American Stock Exchange composite lost 1.70 to 786.53; and the Russell 2000 index of smaller companies fell 3.77 to 423.53.
The 30-year bond fell 11/4, or $12.50 per $1,000 face amount, and its yields climbed 9 basis points to 6.14 percent, their biggest rise since Aug. 30.
"Bonds had a very bad day, and were certainly a trigger for the weakness in stocks," said Ricky Harrington, technical analyst at Wachovia Securities in Charlotte, N.C. "Overall, there's still a lot of risk in this market."
Hewlett-Packard Co. fell today. The computer maker warned that its fiscal fourth-quarter revenue could fall short of Wall Street expectations because of component shortages caused by last week's earthquake in Taiwan.