NEW YORK -- Wall Street turned in a mixed performance today with a handful of large, well-known issues advancing but most other stocks declining as investors took profits following last week's rally. The Dow Jones industrial average closed up 85.63 at 11,089.52. The Nasdaq composite rose 23.28 to 3,392.53, its 14th record close in the past 17 sessions.
Dow up 85.63
But the Standard & Poor's 500 index fell 1.06 to 1,420.94.
Decliners beat advancers by a more than 2-to-1 margin on the New York Stock Exchange, with 908 up, 2,190 down and 458 unchanged. NYSE volume totaled 865.63 million shares vs. 1.09 billion Friday. The NYSE composite index fell 1.48 to 644.64; the American Stock Exchange composite rose 2.00 to 828.12; and the Russell 2000 index fell 0.50 to 460.77.
The 30-year Treasury fell 12/32, or $3.75 per $1,000 face amount; its yield rose 3 points to 6.19 percent, the highest level since Oct. 28. Yields on two-year notes climbed 3 basis points to 5.93 percent.
Microsoft, Coca-Cola and AT&T led the tightly focused stock rally, accounting for more than two-thirds of the Dow's increase.
Microsoft began rising late Friday and continued its gains today after a federal judge appointed a mediator to oversee antitrust settlement talks between the company and the government. The surprise move increased chances for an out-of-court agreement.
Analysts said Coca-Cola and AT&T benefited from investors who sought the safety of blue-chip stocks given the market's lack of a clear direction.
A surge by several large Internet stocks - including America Online, Yahoo! and eBay - also contributed to the late afternoon rally.